Copper prices continued their sharp decline on February 2nd, extending the sell-off from the end of last week as investors prepare for new volatility following a turbulent start to 2026.
On the London Metal Exchange (LME), the price of copper at one point fell by as much as 3.3%, to $12,722 per ton. This fluctuation occurred shortly after copper set a record high above $14,500 per ton on January 29th, then unexpectedly plummeted below $13,000 per ton in the trading session on January 30th.
The market plummeted after US President Donald Trump announced on January 30th his nomination of Kevin Warsh to serve as Chairman of the Federal Reserve (Fed). Warsh is known for his hawkish stance on inflation. This move immediately impacted investor sentiment, reversing the market's earlier rapid rally.
Over the past week, the base and precious metals markets have attracted significant investment flows, particularly from China, due to doubts about the outlook for the US dollar. However, news regarding new Fed appointments caused prices to reverse quickly.
As of 9:20 AM Shanghai time on February 2nd, copper was trading at $12,819 per ton, down 2.8%. Other metals such as aluminum, nickel, and tin also declined.
Source: https://vtv.vn/gia-dong-tiep-tuc-lao-doc-100260202111537152.htm
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