According to the International Copper Study Group (ICSG) the global copper market deficit is currently at its largest in 7 years:

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Copper_Supply_Demand_Balance

From Morgan Stanley:

Copper_MS

Meanwhile, the technical picture looks quite promising after copper found support last week at the uptrend drawn from the March lows:

Copper_Daily_8.25.2014

A breakout above $3.25 would indicate the likelihood of a large move higher for copper (10%+). While the fundamentals & technicals are aligning in a bullish fashion for copper, seasonality is not bullish for the next couple of months:

20_year_copper

The copper market is at an interesting crossroads and if the technical picture is any indication, the fundamental tailwinds may trump the seasonal hindwinds over the coming months.