07-Feb-2026 15:24

COMEX Copper futures fell near one-week low as risk appetite was tepid on selling in the US tech counters. The tech-heavy Nasdaq tumbled to its lowest closing level in over two months. COMEX Copper futures were under stress following the break under $6 per pound and ended at $5.88 per pound, down marginally for the week. LME Copper inventories are staying elevated and the US dollar index is consolidating near two-week top, keeping a lid on upside movement in Copper. Broad outlook is supportive for the metal. Global manufacturing witnessed a modest but encouraging start to 2026, according to PMI data sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence. The headline global manufacturing PMI rose from 50.4 to a three-month high of 50.9, signalling a sustained, albeit subdued, improvement of business conditions for a sixth straight month. Although the index remains only modestly in expansion territory (i.e. above the 50.0 no change level), the ongoing resilience of the manufacturing sector in the face of heightened geopolitical tensions at the start of 2026 is itself encouraging.

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