(Feb 2): Copper deepened its slump from a record — and other base metals posted big losses — as bulls in China stepped back from a tumultuous few days that have rocked global metals markets. Copper had spiked to a record above US$14,500 just last Thursday, before plunging below US$13,000 a ton on Friday and continuing its slide on Monday. Metals — both base and precious — had surged in January as bullish Chinese investors piled into commodities amid doubts about the dollar and a shift away from currencies and sovereign bonds. January was the busiest month ever for metals trading on the Shanghai bourse, and copper volumes surged on Friday to a record amid the sharp selloff. Copper fell 3.1% to US$12,749 a ton on the LME at 8.04am London time, after ending 3.4% lower on Friday.

Source: The Edge Markets February 02, 2026 05:02 UTC