{"id":40453,"date":"2026-01-29T16:08:34","date_gmt":"2026-01-29T08:08:34","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=40453"},"modified":"2026-01-29T16:08:34","modified_gmt":"2026-01-29T08:08:34","slug":"copper-breaks-records-as-metals-rally-broadens","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/copper-breaks-records-as-metals-rally-broadens\/","title":{"rendered":"Copper Breaks Records as Metals Rally Broadens"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.vtmarkets.com\/en-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/Image_fx-25-1024x576.jpg\" alt=\"\" class=\"wp-image-35377\" \/><\/figure>\n\n\n\n<p><strong>Key Points<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shanghai copper surged <strong>6.71%<\/strong> to <strong>109,110 yuan<\/strong> after hitting a record <strong>110,970 yuan<\/strong><\/li>\n\n\n\n<li>LME three-month copper climbed <strong>6.32%<\/strong> to <strong>$13,913.50<\/strong>, after peaking at <strong>$14,125<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Copper touched record highs on Thursday as the rally in physical metals broadened beyond gold and silver. Traders increased exposure to industrial commodities amid ongoing geopolitical risk and a persistently weak US dollar, driving strong price action across global copper benchmarks.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Copper surged more than 5% to hit an all-time high, extending a powerful rally as investors pile into metals in bets on tight supplies and a weaker US dollar <a href=\"https:\/\/t.co\/TWeolbyf7j\">https:\/\/t.co\/TWeolbyf7j<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/2016714560598618615?ref_src=twsrc%5Etfw\">January 29, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The most-active copper contract on the <strong>Shanghai Futures Exchange<\/strong> surged <strong>6.71%<\/strong> to close at <strong>109,110 yuan per metric ton<\/strong>, after rising as much as <strong>8.53%<\/strong> earlier in the session to an all-time high of <strong>110,970 yuan<\/strong>. Momentum remained strong throughout daytime trading, reflecting aggressive buying interest.<\/p>\n\n\n\n<p>In London, the <strong>three-month copper contract on the LME<\/strong> climbed <strong>6.32%<\/strong> to <strong>$13,913.50 per ton<\/strong> by <strong>0700 GMT<\/strong>, after spiking <strong>7.94%<\/strong> to a fresh record of <strong>$14,125<\/strong> earlier in the day.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Copper surged more than 5% to hit an all-time high, extending a powerful rally as investors pile into metals in bets on tight supplies and a weaker US dollar <a href=\"https:\/\/t.co\/TWeolbyf7j\">https:\/\/t.co\/TWeolbyf7j<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/2016714560598618615?ref_src=twsrc%5Etfw\">January 29, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The move placed copper firmly at the centre of the current commodities surge.<\/p>\n\n\n\n<p>A cautious forecast suggests prices may remain elevated while macro drivers stay supportive, though volatility may increase after such sharp gains.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rotation From Precious Metals Lifts Copper<\/h2>\n\n\n\n<p>Traders pointed to a clear rotation within the metals complex. After <a href=\"https:\/\/t.co\/TuHaQO4sV0\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">sustained strength in gold and silver<\/a>, traders have begun reallocating capital toward industrial metals, with copper emerging as a primary beneficiary.<\/p>\n\n\n\n<p>This shift followed record highs in both gold and silver, driven by heightened demand for physical assets amid geopolitical tension.<\/p>\n\n\n\n<p>On Wednesday, US President Donald Trump threatened Iran with possible attacks if it failed to reach a nuclear agreement, reinforcing demand for real assets across the board.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">President Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple the clerical rulers <a href=\"https:\/\/t.co\/3c1YaL1bjX\">https:\/\/t.co\/3c1YaL1bjX<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/2016699088008569174?ref_src=twsrc%5Etfw\">January 29, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Copper\u2019s role as both a growth-linked and inflation-sensitive metal has made it attractive in this environment, particularly as traders look to diversify exposure beyond traditional safe havens.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technical Analysis<\/h2>\n\n\n\n<p>Copper surged by over <strong>5%<\/strong> to trade at <strong>6.2466<\/strong>, with strong bullish momentum driving prices off the intraday low of <strong>6.2091<\/strong>. After a steep early climb that peaked at <strong>6.3256<\/strong>, the metal entered a correction phase but found stable footing mid-session.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/image-31-1024x474.jpg\" alt=\"\" class=\"wp-image-40454\" \/><\/figure>\n\n\n\n<p>A new leg higher is now underway, supported by a clean rebound above all major moving averages: <strong>MA5 at 6.2427<\/strong>, <strong>MA10 at 6.2363<\/strong>, <strong>MA20 at 6.2322<\/strong>, and <strong>MA30 at 6.2272<\/strong>\u2014now acting as layered dynamic support.<\/p>\n\n\n\n<p>The short-term structure has turned constructive, with rising volume (<strong>VOL: 19.00<\/strong>) confirming the renewed interest from buyers.<\/p>\n\n\n\n<p>Price action suggests copper may retest the earlier high if it can sustain momentum above <strong>6.2495<\/strong>, while a drop below <strong>6.2335<\/strong> could delay the breakout attempt. Bulls will want to see continued higher lows and increasing volume to confirm trend strength.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Short-Term Outlook<\/h2>\n\n\n\n<p>Copper\u2019s surge reflects a convergence of supportive forces, including dollar weakness, geopolitical uncertainty, and investor rotation into physical assets.<\/p>\n\n\n\n<p>While spot demand signals from China remain soft, futures markets continue to price in tighter supply and sustained macro risk.<\/p>\n\n\n\n<p>Near-term direction is likely to depend on whether the dollar stabilises and whether geopolitical tensions escalate further. Continued pressure on the greenback could keep copper supported, while any easing in macro risk may trigger profit-taking after a powerful run.<\/p>\n\n\n\n<p><strong>Create a live <a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets account<\/a> today to access our platform features, including market insights and educational content.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Copper surges to fresh highs as traders rotate into industrial metals, supported by a weak dollar and geopolitical risk.<\/p>\n","protected":false},"author":64,"featured_media":35377,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[79,78],"class_list":["post-40453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-base-metals","tag-copper"],"acf":{"acf_article_selection_author":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/40453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/comments?post=40453"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/40453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media\/35377"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=40453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=40453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=40453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}