Copper prices fell on Friday, giving back gains from the previous session’s speculative rally as investors took profits, though the metal is still set for monthly gains.
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The most active copper contract on the Shanghai Futures Exchange dropped 1.81% to 104,760 yuan per metric ton, down from a record high of 114,160 yuan. Despite the decline, copper in Shanghai is on track to close January up more than 7%, according to CNN.
In London, the three-month benchmark copper contract fell 1.91% to $13,357.50 per ton, down from a record of $14,527.50, but remains positioned for a weekly gain of around 7%.
The copper decline is part of a broader pullback across metals as investors booked profits after a record rally. Gold and silver also fell, and all major base metals posted losses.
On the Shanghai Exchange, aluminum dropped 2.98%, lead 1.43%, nickel 3.25%, and tin 6.41%, while zinc was the only gainer, up 0.39%.
On the London Metal Exchange, aluminum fell 1.20%, zinc 0.50%, lead 0.57%, nickel 2.25%, and tin 3.78%.
Separately, iron ore futures fell on the Dalian Commodity Exchange as port inventories in China accumulated ahead of the Lunar New Year restocking window, despite expectations of a later rebound in raw material demand.
The most traded iron ore May contract in Dalian dropped 0.32% to 788.5 yuan per ton ($113.46), marking a weekly loss of 0.38% and heading for a second consecutive weekly decline. The benchmark March iron ore contract in Singapore fell 0.79% to $103.95 per ton, down 0.84% weekly.
Coking coal and metallurgical coal used in steel production rose 1.01% and 0.97%, respectively.
Steel product prices in Shanghai declined: rebar fell 0.54%, hot-rolled coil dropped 0.36%, wire rods 0.06%, and stainless steel 2.28%.
