SHFE Copper Falls, Erasing Last Week's Gains Amid Market Risks and Precious Metals Slump

Published: Feb 2, 2026 11:53

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[SMM SHFE Copper Flash] Driven by market risks, SHFE copper has given back all of last week's unexpected gains. With gold and silver plummeting, the SHFE copper 2602 contract has broken through the 100,000 mark during the day. According to SMM's market communication, within one hour after the morning opening, downstream buyers actively priced, and some enterprises indicated that new orders have increased. The 30-day moving average support for the SHFE copper 2602 contract is precarious, with attention on market risks and sentiment changes potentially leading to further declines in copper prices.

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