Copper prices, which are widely viewed as a barometer of global economic growth, surged to a two-month high this week of $7,215 per ton or roughly $3.60 a pound on Thursday.
But analysts say the uptick is only a short-term bounce for the battered down metal, which is around 28 percent off its early 2011 high of $10,000, and is set to resume its rout, with one seeing a fall of near 17 percent over the next month.
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"What's happened in the last few days is that the U.S. dollar has weakened substantially and we've seen some commodities come back because of that, in particular copper, (which) is a big beneficiary (of dollar weakness)," said Andrew Su, CEO at brokerage Compass Global Markets.
"But we still think copper is headed below $3 per pound (or $6,000 per ton) in the next month or so," he added.
The metal fell to a three-year low of $6,602 per ton in June, as investors fretted over the impact declining demand in China, which accounts for 40 percent of global copper demand, will have on the metal.
However, recently the metal has seen a bounce on better-than-expected Chinese imports, combined with weakness in the greenback.
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This week data showed that the world's second-largest economy imported 410,680 tons of copper in July, rising 12 percent from a year earlier to its highest level in 14 months. Overall trade imports spiked to 10.9 percent in July, well above expectations of 2.1 percent.
Meanwhile, the U.S. dollar declined around 1 percent against other major currencies this week, as weaker-than-expected jobs data and recent dovish comments from the Federal Reserve added to uncertainty over tapering expectations.
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