2026.02.2004:08:56UTC+00Copper Pressured by Rising Inventories

Copper futures held below $5.75 per pound on Friday, heading for a fourth straight weekly decline as rising global inventories and subdued industrial demand weighed on prices. Stocks in LME-registered warehouses rose for the 26th consecutive session, reaching an 11‑month high. Combined inventories across the Shanghai, London, and New York exchanges also exceeded 1 million tons, the highest level since 2003.

Trading activity was muted, with Chinese markets closed for the Lunar New Year holiday. Copper and other base metals had rallied sharply in January before pulling back, a move largely fueled by speculative flows from Chinese investors. The metal also came under additional pressure from a stronger US dollar, as firm US economic data and hawkish commentary from the Federal Reserve led traders to pare back expectations for aggressive monetary easing.