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Copper fell nearly 1% to about $5.75 per pound on Monday, extending last week’s losses in thin trade as mainland Chinese investors were absent for the week-long Lunar New Year holidays, dampening both market volumes and economic activity. Other key markets in Asia and the United States were also closed for public holidays, further curbing liquidity. The metal had surged to record highs above $6.5 per pound in late January, driven by speculative buying from Chinese investors, before retreating by as much as 15% as sentiment shifted. Even so, copper prices remain underpinned by persistent supply disruptions and robust global demand from power grids, data centers, and electric vehicles. This strong demand is intensifying competition among major industrial economies—including China, the US, Canada, Europe, and India—to secure reliable copper supplies.
