Ben Davis, mining analyst at Liberum, says copper’s surge is “overdone” after prices hit $10,000 a ton for the first time in two years. “If you look at a lot of the physical fundamentals, the other kind of short term indicators like physical premium in China, that’s collapsed to zero,” Davis tells Bloomberg Television. “People have very strong and long-held beliefs that copper is going higher for longer, but this one feels a bit premature.” Benchmark copper prices have rallied by 17% this year.