Copper held near $5.90 per pound on Monday following a week of extreme volatility, as investors balanced persistent supply tightness against signs of weakening demand in top consumer China. Industrial demand in China slowed as manufacturers paused operations ahead of the extended Lunar New Year holidays. Nonetheless, robust global demand driven by the energy transition and data-center expansion continued to support the market. On the supply side, major mines faced ongoing challenges from power outages, prompting conservative production guidance. The China Nonferrous Metals Industry Association projected refined copper output to rise about 5% in 2026, roughly half the growth recorded in 2025. Meanwhile, US Treasury Secretary Scott Bessent attributed last week’s sharp swings in the metals market to Chinese traders, describing the recent rally as a speculative blowoff.

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