Industrial Metals Steady During Lunar New Year Holiday

Group 1 - Industrial metals experienced a subdued start to the week due to many Asian traders being offline for the Lunar New Year break and the US market being closed [2] - Copper prices remained stable below $12,900 per ton in London, consolidating after recent volatility, while aluminum steadied after a decline [2][5] - Near-record prices have led to a decrease in industrial demand for metals like copper in China, resulting in rising exchange inventories as manufacturers reduce orders [3] Group 2 - Readily available copper inventories tracked by the London Metal Exchange increased, bringing total stocks across exchanges in Shanghai, London, and New York above one million tons, the highest level since 2003 [4] - The LMEX Index, which tracks six main metals traded in London, reached a record last month due to strong Chinese buying and a weaker US dollar, but has since slightly declined as traders await new catalysts [5] - Copper futures were steady at $12,870 per ton, while aluminum remained flat at $3,076 per ton after a previous decline of up to 2.7% [5]