Copper Drifts Lower as Traders Weigh Rally’s Impact on Demand

Copper eased from an all-time-high, as markets took stock of a record rally that could hit physical demand for the crucial industrial input. Nickel also fell.

The red metal fell 0.6% on the London Metal Exchange on Thursday, paring some of its recent gains. Both base and precious metals have stormed higher in the opening weeks of 2026, supported by investor enthusiasm for real assets including commodities.