The current 10-day winning streak is the longest for the front-month copper contract in available data going back to 1988. This surpasses a nine-day stretch that ended on Dec. 21, 2004.

Recent signs that manufacturing and inflation in China and the U.S., the world’s two largest economies, may have turned a corner have helped drive up copper prices.

China’s industrial sector picked up last month, with an official gauge of factory activity rising to its highest level in two years, data showed Tuesday. In the U.S., a gauge of factory activity rose in October, a sign that manufacturing could be stabilizing after two years of challenging conditions.

Tai Wong, head of base- and precious-metals trading at BMO Capital Markets, said copper stockpiles tracked by the London Metal Exchange have declined 10% since Oct. 25. Falling inventories are generally considered a positive sign for demand, as copper is moved out of warehouses for consumption.

Besides last month’s manufacturing data, Mr. Dragosits pointed to Chinese car sales, which jumped 29% in October for the biggest gain since January 2013, as well as other indicators that show a higher level of financing activity from banks.

China, the world’s second-largest economy, also is its biggest commodity consumer, accounting for some 45% of the demand for copper.