Copper eases after nearing $12,000, set for 3rd straight weekly jump

Copper eased after striking an all-time peak close to $12,000 a metric ton on Friday, as high prices risk hitting demand for the metal, which was nonetheless still on course for a third successive weekly gain.

Benchmark three-month copper on the London Metal Exchange was down 0.6% at $11,794.50 a ton, as of 1020 GMT, after touching a record $11,952 earlier in the session, within striking distance of the psychological $12,000 level.

The metal, widely used in power, construction and manufacturing, is on course to end the week up 1.6%.

“We think in the near term, supply disruptions should keep a floor under prices around the $11,000/t level,” said ING analyst Ewa Manthey. “However, for the rally to extend, stronger demand - particularly from China, the largest consumer - will be crucial. For now, prices will remain rangebound.”

ANZ expects copper prices to remain above $11,000 per ton in 2026, with prices potentially nearing $12,000 by year-end amid supply constraints and accelerating demand growth.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.5% over the past week to 89,389 tons, the bourse said on Friday. Meanwhile, China’s official Xinhua news agency reported pledges by Chinese leaders to maintain a “proactive” fiscal policy in 2026.

“The risk of demand destruction also shouldn’t be overlooked,” Manthey added. “Chinese buyers are showing some signs of price sensitivity.”

Among other LME metals, aluminium slipped 0.6% to $2,883 a ton, while zinc lost 0.5% to $3,187 after notching a 13-month high on Thursday. LME data on Friday showed 1,800 tons of inflows into zinc stocks, which at 61,925 tons are at their highest since August.

Nickel edged down 0.1% to $14,610, lead lost 0.4% to $1,980.50 and tin was up 0.5% to $41,860 after hitting its highest since April 2022 on supply concerns.