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Copper Prices Firm as AI and Grid Demand Offset Seasonal Lull

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Published: February 10, 2026

Inventory Tightness

LME inventories saw another drawdown today, defying the typical seasonal build pattern seen during the Chinese New Year. This suggests that consumption outside of China remains surprisingly robust.

Supply Risks

Updated guidance from major miners in Chile indicates lower-than-expected output for Q1, adding a supply-risk premium to the current price.