Copper Prices Reach Record Highs Above 14000 Dollars Per Metric Ton Following Intense Speculative Buying
Copper prices hit record highs on Thursday as intense speculative buying pushed markets upward despite weak physical demand and high global inventories.
Benchmark three-month copper on the London Metal Exchange jumped 7.9% to $14,125 a metric ton during Asian trading on January 29, 2026, marking a significant milestone as prices hit an all-time high above $14,000. By 1050 GMT, the contract had pared some of its earlier gains to trade at $13,935 a ton, which represents a 6.5% rise from the previous session. This ongoing surge has been primarily attributed to intense speculative buying as bulls extended their purchases across the market.
In the domestic market of China 
CN, the Shanghai Futures Exchange most-active copper contract closed daytime trading 6.7% higher at 109,110 yuan a ton after setting its own record of 110,970 yuan. These price levels were reached even as the Yangshan copper premium, a critical indicator of demand for imported copper in China, declined to $20 a ton on Wednesday. That level is the lowest recorded since July 2024 and represents a sharp decrease from the $55 premium seen in December. The reporting utilized an exchange rate of 6.9458 Chinese yuan renminbi to one U.S. dollar.
CN, the Shanghai Futures Exchange most-active copper contract closed daytime trading 6.7% higher at 109,110 yuan a ton after setting its own record of 110,970 yuan. These price levels were reached even as the Yangshan copper premium, a critical indicator of demand for imported copper in China, declined to $20 a ton on Wednesday. That level is the lowest recorded since July 2024 and represents a sharp decrease from the $55 premium seen in December. The reporting utilized an exchange rate of 6.9458 Chinese yuan renminbi to one U.S. dollar.
