Today, February 7, 2026, the copper market is experiencing significant volatility as it undergoes a correction phase following record-breaking highs reached in January.
Here is the breakdown of the news driving prices today:
## 1. Market Performance (Live Benchmarks)
After a "bull run" that saw prices cross $14, 500 per tonne last week, the market is cooling down.
• LME (London): Hovering around $12, 900 – $13, 000 per tonne.
• MCX (India): Trading near ₹1, 217 per KG, down from recent peaks of ₹1, 480.
• Status: Moderately Bearish for the short term as traders lock in profits.
## 2. Key News Drivers
• Profit Taking: After copper surged over 40% in 2025 and hit new records in January 2026, institutional investors are selling to "book gains, " causing the current price dip.
• China's Softening Demand: Spot demand in China has weakened. High prices have made the metal too expensive for some Chinese manufacturers, leading to an increase in inventory at Asian warehouses.
• US Dollar Strength: The US Dollar has strengthened recently following the nomination of Kevin Warsh as the next Fed Chair. Since copper is priced in dollars, a stronger dollar makes it more expensive for international buyers, reducing demand.
• Supply Concerns: While prices are dipping now, long-term supply remains tight due to major disruptions at the Grasberg mine (Indonesia) and El Teniente (Chile).
## 3. Expert Outlook
Analysts from J.P. Morgan and Goldman Sachs suggest that while we are seeing a "correction" right now, the floor for copper remains high. They project an average price of roughly $12, 000 – $12, 500 for the rest of 2026 due to the massive demand from AI data centers and electric vehicle (EV) infrastructure.
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