Copper prices have been on the rise recently, raising questions of what the commodity's market might be saying about the broader economy.

Because of its wide industrial uses in automobiles, electronics and buildings, copper is often considered a leading economic indicator. Although recent price moves have been tied to short-term supply shortages, there is also a sense of cautious optimism about the broader economy.

Still, the economic outlook for China, the world's biggest copper consumer, isn't entirely clear. And interest rate cuts in the United States and Europe that might spur economic activity are still theoretical...