Shanghai copper's most active contract just hit a fresh record high, touching 98,590 yuan per metric ton. This breakout isn't just noise in the commodities pit—it's a signal worth watching if you're thinking about macro trends and asset allocation.

Copper, being a key industrial metal and economic bellwether, often moves ahead of broader market shifts. When the red metal rallies hard like this, it typically reflects either strong manufacturing demand or weakening currency pressures. Either way, it matters for portfolio positioning and understanding which direction risk appetite might swing next.