Futures in London fell as much as 2.1% to dip below $12,600 a ton, with global inventories tracked by the London Metal Exchange rising for an 11th day and reaching the highest level since March. Copper and other industrial metals got off to a sluggish start with Chinese markets closed for the Lunar New Year holidays,

Copper prices ticked lower. The metal is consolidating after a two-month rally fueled by speculative buying.

The London Metal Exchange also says its January 2026 activity set new records in copper contract and overall average daily volumes.

Physical Ownership Draws Increased Investor Interest While many investors gain copper exposure through futures contracts, exchange-traded products, or mining equities, these instruments remain linked to financial markets, leverage, and counterparty risk. Physical copper ownership offers a different proposition.

Copper stocks in LME warehouses increased for a 12th straight day to 224,625 tons, the highest in 11 months, with fresh inflows into New Orleans and Kaohsiung. U.S. sheds now account for almost 18% of all available copper in LME warehouses, while there is still 538,122 tons on the U.S. Comex exchange .

Copper is consolidating after a two-month surge, driven by a wave of speculative buying that took it to a record high at the end of January.

Copper stocks in LME-approved warehouses meanwhile increased by another 925 tons to 225,575 tons, the highest since March 2025. Offsetting the bearish impact of high stocks and the firmer dollar, copper was supported by technicals, Hansen said.

Governments are starting to realize the problems in the copper industry and have made copper a critical metal. The United States and are countries have begun stockpiling copper, signaling a fear of running out of the electrification metal. US stockpiling has further tightened an already tight copper market.

The world hasn't run out of copper, despite the many warnings of imminent shortfall that have accompanied its rally to all-time highs, writes Reuters columnist Andy Home.

LONDON, Feb 20 (Reuters) - The London Metal Exchange (LME) confirmed on Friday that it is imposing permanent restrictions on members with large positions in nearby contracts, a move initially introduced on a temporary basis last June.

The London Metal Exchange introduced immediate changes to brand listing costs: a $6,250 one-off charge for Brand Listers and a $1,000 annual fee. It also added an LMEselect cross-order fee waiver for members.