Price trend
According to data monitored by SunSirs, copper prices rose initially last week before falling. As of the 10th, the price of copper was 100,515 RMB/ton, a decrease of 0.14% compared to the beginning of the week, but a year-on-year increase of 34.35%.
According to data from 100ppi.com, copper prices have fallen for 5 weeks and risen for 7 weeks in the past three months, with a slight decrease last week.
LME copper inventories
According to data released by the London Metal Exchange (LME), LME copper inventories fell slightly, reaching 141,075 tons at the end of the week, a decrease of 1.03% compared to the beginning of the week.
Macroeconomic perspective: At the beginning of 2026, Trump first launched an attack on Venezuela to seize resources, and then exerted pressure on Greenland. Risk aversion increased, giving the dollar an opportunity to rebound. Oil prices fell, stock markets showed mixed performance, precious metals such as gold and silver corrected downwards, and copper prices faced downward pressure.
Supply Side: Supply disruptions were ongoing. Existing mines were operating at or above full capacity, leading to frequent production interruptions. In early 2026, negotiations at the Mantoverde mine in Chile broke down, and the strike may continue, exacerbating concerns about supply shortages. Domestic copper concentrate spot processing fees remained negative, highlighting the tight supply situation. Furthermore, the siphoning effect caused by US copper tariffs was leading to tighter spot supply in non-US regions, and LME copper inventories continued to decline.
Demand side: The rapid development of artificial intelligence, robotics, photovoltaic installations, and new energy fields such as solid-state batteries had created broad consumption space for the copper market, thus keeping copper prices stable at historically high levels. However, the weak domestic market situation was evident, and high copper prices had led to widespread price aversion among downstream users, resulting in a stalemate in market trading at the end of the year. After copper prices reached a new high, the activity of domestic spot purchases cooled down, and downstream enterprises mostly relied on long-term contracts for delivery, with short-term demand dragging down the upward trend of copper prices. Under the influence of the seasonal off-season and year-end effects, downstream companies were purchasing on a need-only basis, and high-priced goods were receiving little attention. The weak market reality was clearly suppressing prices, and a resurgence of buying interest is unlikely.
News Update: The Trump administration and congressional Republicans were pushing legislation to overturn a mining ban in northern Minnesota, aiming to help Twin Metals develop North America's largest reserves of critical minerals. The bill would also prohibit the president from issuing similar restrictions in the future. This move would directly benefit Twin Metals, a subsidiary of Antofagasta of Chile, and its copper, cobalt, and nickel project in the region, which holds North America's largest undeveloped reserves of critical minerals, including approximately 4.6 million tons of nickel and over 2 million tons of copper.
Market Outlook
In summary: Under the pressure of weak fundamentals in China and profit-taking by long positions, copper prices are undergoing a short-term correction at high levels. Furthermore, the potential repeal of a 20-year environmental ban in the US, which would open up North America's largest undeveloped reserves of critical minerals (approximately 4.6 million tons of nickel and over 2 million tons of copper), has shaken the copper and nickel markets, leading to sharp price declines. Market sentiment is currently volatile, and copper prices are expected to remain in a high-level correction phase in the short term.
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