MENA Newswire, NEW YORK: Copper surged to a record above $14,000 a metric ton in late January as a sharp rally in metals intensified across major exchanges, before prices turned volatile and retreated from the peak. Benchmark three month copper on the London Metal Exchange jumped 11% on January 29 to an all time high of $14,527.50 a ton, marking its biggest one day gain since November 2008.
The move extended a strong start to 2026 for copper, after earlier records above $13,000 set in January. The latest jump was accompanied by heavy trading activity in futures markets, with rapid intraday swings that pushed prices to unprecedented levels and then triggered a pullback as liquidity thinned and positions were adjusted.
Copper eased from its high on January 30, with the LME three month contract trading around the mid $13,000s a ton after the previous session’s surge. The reversal came as the U.S. dollar strengthened, pressuring dollar priced commodities, and as metals markets broadly gave back part of a rapid run up that had taken prices to extremes in a short span.
The copper rally coincided with sharp moves across other metals. Gold, silver and platinum fell steeply on January 30 after hitting record levels earlier in the week. The declines followed a shift in currency markets and a fast change in investor positioning after a period of unusually large daily price swings across both industrial and precious metals.
Metals rally ripples through global pricing
China’s shifting trade flows have also been reshaping the global metals landscape and adding to market dislocations. In 2025, China’s exports of refined metals rose sharply, including copper, aluminium, zinc, tin and nickel, signaling a major change from its traditional role as a large net importer of many industrial metals.
China’s net imports of refined copper fell to their lowest level since 2017, primarily because exports surged by about 800,000 tons during 2025. The change affected supply availability in overseas markets and altered regional premiums, with shipments moving from bonded zones and smelters into export channels as pricing differentials shifted.
The pattern extended beyond copper. China exported record aluminium volumes in 2025, and also increased exports of refined zinc, tin and nickel during periods of tightness and sharp price moves in global benchmark contracts. At the same time, China continued to import significant quantities of nickel, underscoring the complexity of two way trade in industrial metals.
Volatility follows copper’s record leap
By the end of January, copper remained well above levels seen earlier in the month even after falling back from its $14,527.50 high. The late week reversal highlighted how quickly benchmark prices can move when markets are reacting simultaneously to currency changes, large inflows and outflows of capital, and shifting availability of deliverable metal across regions.
The January surge placed copper at the center of a broader metals buying spree that saw prices rise and fall sharply over successive sessions. With record highs set and then challenged by rapid pullbacks, the market’s focus has remained on verified exchange pricing, cross market trade flows, and the immediate impact of currency moves on commodities priced in dollars.