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2026-02-17 01:26:30
[Copper prices weaken amid thin trading volume and high inventory] (1) Copper prices weakened on Monday as the market focused on rising inventory and weak demand prospects due to a stronger dollar and thin trading during the holiday. Traders said that the Chinese Lunar New Year holiday this week and Monday being a public holiday in the United States meant lower trading volume and potential volatility as the London Metal Exchange (LME) will settle or roll over expiring contracts on Wednesday. (2) Britannia Global Markets said in a report: “Liquidity will be unstable as many Asian trading sectors are shut down, and most participants are likely to wait for a clear direction in US interest rates and the emergence of potential demand from China after the holiday in March.” (3) Copper inventory in LME-approved warehouses is 211,850 tonnes of MCUSTX-TOTAL, up more than 50% since January 9. Ample inventory has resulted in a discount of spot prices for LME CMCU0-3 futures contracts to three-month forward contracts. The contract is trading at a one-year high of around US$111.50 per tonne. According to warehouse data monitored by the Shanghai Futures Exchange, copper inventories have risen by 180% since December 19, reaching 272,475 tons CU-STX-SGH.
