Copper prices fell on Tuesday as industrial consumers began pushing back against elevated prices, while inventories climbed to their highest levels in several years.

Benchmark three-month copper on the London Metal Exchange slipped 0.8% to $12,868 per metric ton by 10:45 GMT, after rebounding 1.3% in the previous session.

Copper traded on the LME has surged by about 30% over the past six months, hitting a record high of $13,407 per ton last week, driven by speculative buying amid concerns that mine disruptions could lead to supply shortages.

Ole Hansen, Head of Commodity Strategy at Saxo Bank in Copenhagen, said: “Copper cannot ignore the fact that it is an industrial metal. Consumers have already started to resist these high price levels, at a time when exchange-monitored inventories have reached their highest level in eight years.”

He added that inventories in warehouses registered with the Shanghai Futures Exchange have more than doubled since December 1, reaching 213,515 metric tons, while stocks held at facilities linked to the US COMEX have jumped by 127% over the past six months to 542,914 short tons.

Hansen said: “Metals have seen very strong demand as physical assets amid all the uncertainty in the world, but ultimately gold currently remains the standout metal when it comes to its role as a safe haven.”

In this context, gold prices surged on Tuesday, breaking above the $4,700-per-ounce level for the first time ever, marking a fresh record high.

Lead was the biggest loser on the LME, falling 1.1% to $2,038 per ton after inventories rose by 11% in a single day, according to exchange data.

Nickel slipped 0.4% to $18,070 per ton, despite mining company PT Vale Indonesia saying that the mining production quota it received is unlikely to be sufficient to meet demand from smelters under its operating plans for this year.

Among other metals, aluminum fell 0.7% to $3,135.50 per ton, zinc declined 0.8% to $3,195.50, while tin jumped 2.7% to $50,600 per ton.

Bitcoin fell on Tuesday, extending its recent losses amid concerns over US demands related to Greenland, which pushed traders away from high-risk assets.

These developments have largely erased the recovery gains Bitcoin recorded in mid-January, pulling it back toward the lows seen at the start of the year, as investors favored physical assets and safe havens such as gold.

Bitcoin slipped 1.8% to $90,916.8 by 01:39 US Eastern Time (06:39 GMT).

Prices also came under additional pressure in recent sessions following the postponement of a closely watched US bill aimed at regulating cryptocurrencies. Lawmakers delayed discussions on the bill — which seeks to establish a regulatory framework for digital assets in the United States — after objections from Coinbase Global, listed on Nasdaq under the symbol (COIN), to several proposed provisions.

Trump says he will discuss Greenland in Davos

US President Donald Trump said late on Monday that he will discuss the Greenland issue during his participation in the World Economic Forum in Switzerland this week.

Trump did not specify which parties he would meet, while delegates from several major European countries are expected to attend the conference.

He also renewed calls for the United States to acquire Greenland, arguing that the island is important to US national security.

The US president’s threats to impose tariffs on eight European countries unless Greenland is handed over have weighed on global markets this week. Trump did not clarify on Monday whether he would consider deploying the US military to seize control of Greenland.

European leaders have widely rejected Trump’s demands and appear to be preparing retaliatory measures should the US president proceed with imposing tariffs.

Rising geopolitical tensions have dampened investor appetite for cryptocurrencies more broadly, as speculative assets typically underperform during periods of heightened uncertainty.

Broad liquidation of long positions in crypto markets

Long positions in Bitcoin and other cryptocurrencies continued to see widespread liquidations this week. Data from Coinglass showed liquidations totaling $260.32 million over the past 24 hours.

This follows nearly $900 million in liquidations across crypto markets earlier in the week.

Retail investor sentiment toward Bitcoin has remained weak, particularly in the United States. The Coinbase Bitcoin Premium Index indicates that the world’s largest cryptocurrency continues to trade at a discount in US markets compared with the global average, according to Coinglass data.

Cryptocurrency prices today: altcoins under pressure

Cryptocurrency prices fell broadly on Tuesday. Ether, the world’s second-largest cryptocurrency, dropped 2.2% to $3,126.01.

XRP and BNB declined by 0.6% and 1.1%, respectively. In contrast, Cardano rose 0.9%, while Solana fell 1.3%.

In the memecoin segment, Dogecoin edged up 0.1%, while the $TRUMP token gained 0.9% after having slipped below the $5 level earlier this week.

Oil prices were steady on Tuesday as investors monitored threats by US President Donald Trump to impose tariffs on European countries opposing his push to take control of Greenland, while stronger global growth expectations and a weaker US dollar provided underlying support for prices.

Brent crude futures for March rose by 23 cents, or 0.36%, to $64.17 per barrel by 11:26 GMT. US West Texas Intermediate crude climbed 13 cents, or 0.2%, to $59.57 per barrel.

Concerns over a renewed trade war intensified over the weekend after Trump said he would impose additional tariffs of 10% starting February 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain, rising to 25% on June 1 if no agreement is reached over Greenland.

European Commission President Ursula von der Leyen said on Tuesday that the EU’s executive arm is working on a package to support Arctic security, describing the proposed tariffs as a “mistake.”

However, the tariff threats are unlikely to have an immediate impact on oil market balances, according to Tamas Varga, an analyst at PVM. He added that prices were supported by the International Monetary Fund raising its global economic growth forecast for this year, as well as by higher diesel prices.

Chinese data and weaker dollar support oil

Tony Sycamore, market analyst at IG, said the oil market is also drawing support from better-than-expected fourth-quarter Chinese GDP data released on Monday.

He added: “This resilience in the world’s largest oil importer has provided a lift to demand sentiment.”

Data showed that China’s economy grew by 5.0% last year, while activity in 2025 also strengthened, with year-on-year growth of 4.1%. Crude oil production rose by 1.5%, according to figures released on Monday.

Oil prices were further supported by a weaker US dollar, as a softer greenback tends to boost demand by making dollar-denominated oil cheaper for buyers using other currencies.

The US dollar fell against most major currencies during Tuesday’s trading, while sterling headed for its biggest two-day rise since December, supported by a broad rally as investors pared exposure to the US currency amid escalating trade tensions between the United States and Europe over Greenland.

US President Donald Trump has threatened to impose tariffs starting February 1 on imports from the United Kingdom, Denmark, Norway, Finland, France, Germany, and the Netherlands, unless these countries agree to transfer ownership of Greenland — the autonomous Danish territory — to the United States.

Investors responded by selling US assets, including the dollar, while rotating heavily into European currencies and gold.

Sterling has risen 0.8% over the past two days to trade near $1.348, although it underperformed the euro, which emerged as the biggest beneficiary of the dollar selloff. The euro was last up 0.4% on Tuesday — its largest daily gain since early November — trading at 87.03 pence against the pound.

UK labour market data released earlier in the day initially painted a relatively bleak picture of employment conditions. The unemployment rate held near its highest level in almost five years in November, while payroll employment fell at its fastest pace since November 2020.

However, analysts noted that the report also contained some more encouraging signals, suggesting that the worst of the slowdown may now be behind the economy.

George Buckley, chief UK and euro area economist at Nomura, said the data showed a decline in layoffs, alongside stable job vacancies and an unchanged unemployment rate. He also pointed to a fall in labour market inactivity. Wage growth — a key indicator closely watched by the Bank of England — slowed to levels he described as “consistent with the inflation target.”

Buckley added: “This provides a supportive backdrop for the bank to deliver another rate cut — and we expect a final move to 3.50% in April, with markets pricing the risk of an earlier cut or a larger number of reductions.”

Markets are currently pricing in one interest rate cut by the Bank of England by mid-year, with around a 60% probability of a second cut being delivered by December.