11.02.202603:49:20UTC+00Copper Steadies as Lunar New Year Nears

Copper futures traded above $5.90 per pound on Wednesday, holding recent gains even as traders braced for softer near-term demand amid slowing economic activity in China, the world’s largest consumer, ahead of the Lunar New Year holidays. Prices continued to find support from persistent supply disruptions and solid global demand, underpinned by the energy transition and the ongoing buildout of AI-driven data centers.

The China Nonferrous Metals Industry Association expects refined copper output to increase by about 5% in 2026, roughly half the pace of growth projected for 2025. At the same time, Goldman Sachs estimates the copper market posted a surplus of 600,000 tons last year, yet prices still climbed to record highs earlier in 2026. On the macro front, copper also drew support from a weaker US dollar after softer-than-expected US economic data strengthened expectations for Federal Reserve interest rate cuts.