Copper Jumps Like the New Silver As Speculators Pile On
By Reuters | 29 Jan, 2026

Copper prices spiked to a record over $14,000 per metric ton Thursday as its strong demand growth and a weak dollar pulls investors seeking a bargain safe haven.

Copper prices spiked to a record high of more than $14,000 a metric ton on Thursday, as speculators extended their buying spree, encouraged by expectations of strong demand and supported by a weak dollar and geopolitical concerns.

In volatile swings, copper spiked in the biggest one-day jump in more than 15 years and then gave up much of the gains, while other metals surged before slipping into the red.

Benchmark three-month copper on the London Metal Exchange jumped 11% to an all-time high of $14,527.50 a metric ton, before paring gains to $13,612.50 by 1700 GMT, a rise of 4%.

The bulls, mostly at speculative funds, ignored warnings by some analysts that high prices would chill physical demand by industrial consumers and was not being supported by current supply/demand fundamentals, creating a dilemma for investors. 

"Copper posted its biggest one-day gain in years... driven by intense speculative trading by bulls in China," Neil Welsh at Britannia Global Markets said in a note.

"Investors are piling into base metals on expectations for stronger U.S. growth and more global spending on data centres, robotics and power infrastructure."

Copper, used in power and construction, is a key metal needed for the energy transition, but global exchange-monitored inventories are at high levels, especially in the U.S.

The most-active copper contract on the Shanghai Futures Exchange closed daytime trading 6.7% higher at 109,110 yuan ($15,708.77) a ton, after setting a record of 110,970 yuan.

The gains came despite weak spot physical demand in the biggest consumer market China. The Yangshan copper premium, a gauge of Chinese demand for imported copper, declined to $20 a ton on Wednesday, the lowest since July 2024 and down from $55 in December.

Copper is also rising due to a spillover of interest for hard assets, which have sent gold and silver to records, partly due to geopolitical tensions, traders said.

Also supporting metals was a weaker dollar index, which was close to multi-year lows, making commodities priced in the U.S. currency cheaper for buyers using other currencies. [FRX/]

Other LME metals were also hit by erratic trading, with LME tin surging to another record high of $59,040 a ton, despite weak fundamentals, and then sinking 2.5% to $54,540.

LME aluminium climbed 3% to $3,356 a ton, the highest since April 2022, before retreating 1.1% to $3,222. 

Zinc gained 1.4% to $3,412 a ton after hitting the strongest since August 2022. Lead dipped 0.3% to $2,012 and nickel was up 0.5% at $18,355, well down from an intraday high of $19,150. 

($1 = 6.9458 Chinese yuan renminbi)

(Reporting by Eric Onstad; Editing by Arun KoyyurAdditional reporting by Lewis Jackson and Dylan Duan in China; Editing by Shilpi Majumdar and Tasim Zahid)