Copper recovered part of its losses on October 23, 2026, with the benchmark London Metal Exchange contract rising about 1.8% to $14,334 a ton during the session after a 1.9% drop the day before to a five-week low. The metal remains close to its record of $14,858 a ton set on September 9.
Financial markets drive the bounce
The rebound came as a global sell-off in technology shares, triggered by worries about the scale of spending on artificial intelligence, began to ease. Analysts see the move as a recovery in market sentiment rather than a change in physical supply and demand.
A mixed inventory picture
Copper stocks in LME warehouses rose by 800 tons, after jumping by about a fifth over the past week to 273,750 tons. By contrast, stocks in warehouses registered with the Shanghai Futures Exchange fell 26.5% week on week, which may point to stronger Chinese demand. The bigger concern remains the United States, where COMEX inventories topped 714,000 tons as of October 14 after huge inflows fuelled by speculation about tariffs.
And other metals?
Precious metals are under clearer pressure than industrial ones. Silver fell about 5% on October 22 to a three-month low near $55 an ounce as higher oil prices boosted bets on US rate hikes.
Why it matters for traders
- A growth gauge: copper is seen as a barometer of the global economy because of its wide use in industry, energy and infrastructure.
- Linked to equities: its sensitivity to risk appetite means it reacts to tech stocks and Chinese data.
- Inventories: the build-up of US stocks could cap gains even if sentiment improves.
A reminder: industrial metals contracts can move sharply on trade and tariff news. Decide your acceptable loss before you enter and use leverage with care.
Why it matters
An easing tech sell-off restored risk appetite, and falling Shanghai stocks pointed to better Chinese demand despite rising inventories in London and the US.
Market reaction
LME copper climbed 1.8% to $14,334 a ton after a 1.9% drop in the previous session to a five-week low.
MIZANOVA view
The direction depends on risk appetite and Chinese data, while US inventories above 714,000 tons remain a potential drag on any rally.
