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Key Moments

  • Shanghai Futures Exchange copper gained 1.78% to 101,780 yuan ($14,679.24) a metric ton as of 0308 GMT.
  • London Metal Exchange three-month copper traded at $13,046.50 a ton, up 0.40% and holding above $13,000.
  • SHFE copper inventories rose to 248,911 tons on Friday, the highest level since March 2025.

Dip-Buying Supports Copper After Sharp Weekly Selloff

Copper prices advanced on Monday as buyers returned following a turbulent week and a softer U.S. dollar lent additional support.

The most-active copper contract on the Shanghai Futures Exchange (SHFE) climbed 1.78% to 101,780 yuan ($14,679.24) a metric ton as of 0308 GMT. On the London Metal Exchange (LME), benchmark three-month copper increased 0.40% to $13,046.50 a ton, maintaining its position above the $13,000 threshold.

The move higher followed notable declines in the prior week, when SHFE copper dropped 7.70%, marking its steepest weekly loss since July 2022, while LME copper fell 1.24%.

Softer Dollar and Broad Metals Recovery

A weakening U.S. dollar contributed to Monday’s gains by making dollar-priced commodities more accessible to holders of other currencies. Copper’s advance occurred alongside a broader upturn across the metals complex, led by strength in gold and silver.

Fundamentals Steady as Supply Risks Persist

Analysts indicated that underlying supply-demand conditions for copper remained unchanged. Unexpected disruptions at mines and uneven regional distribution of refined copper inventories amid U.S. tariff threats continued to fuel concerns over supply availability. At the same time, the metal remained closely tied to trends in electrification and the build-out of AI data centers.

“The (copper) market is set to remain undersupplied by 4–5%, keeping prices supported despite the risk of a short-term pullback as inventories rise but remain unevenly distributed,” analysts at ANZ Research said in a note.

Inventory Build and Lunar New Year Demand Uncertainty

Rising stockpiles stayed in focus for market participants, with questions lingering over near-term demand ahead of a nine-day Lunar New Year holiday in China, the largest consuming market, set to begin on February 15.

Copper inventories in SHFE warehouses reached 248,911 tons on Friday, the highest level since March 2025. Stock levels on the LME and Comex also continued to move higher.

Exchange / MarketMetalPrice MoveAdditional Detail
SHFECopper+1.78%101,780 yuan ($14,679.24) a metric ton as of 0308 GMT
LMEThree-month copper+0.40%$13,046.50 a ton, above $13,000
SHFECopper (weekly)-7.70%Steepest weekly decline since July 2022
LMECopper (weekly)-1.24%Declined last week
SHFECopper stocksRising248,911 tons on Friday, highest since March 2025

Broader Base Metals Performance

Gains were not limited to copper. Within the SHFE base metals complex, tin led the advance with a 3.72% rise.

Other SHFE contracts also moved higher:

  • Aluminium increased 1.11%
  • Zinc rose 0.67%
  • Lead edged up 0.21%
  • Nickel gained 1.46%

On the LME, tin again outperformed, adding 1.99%. Aluminium was 0.15% higher, zinc advanced 0.60%, and nickel climbed 1.08%. Lead was the sole laggard among the major LME base metals, slipping 0.10%.

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