Copper Steady as China's Key Political Meetings Loom

• Futures near $6/lb, set for second weekly gain
• China's "Two Sessions" run March 4-11
• Buying slow post-holiday, fabricators ramping up
• Inventories at record highs amid supply issues

Copper futures held near the $6 per pound mark on Friday morning, positioning the industrial metal for its second consecutive weekly gain.

Market focus is now fixed on China, where the upcoming "Two Sessions" parliamentary meetings are set to begin March 4 and run through March 11. During this period, the government is expected to unveil its 15th Five-Year Plan, outlining the nation's economic policy priorities for 2026-2030, which will be closely watched for demand signals.

Chinese market activity remains subdued following the Lunar New Year holiday. Buyers have largely been cautious, with some importers delaying purchases due to elevated price levels. Many domestic fabricators are not anticipated to fully resume operations until early next month.

This comes against a backdrop of record-high copper inventories in exchange-monitored warehouses, a build-up observed in late January influenced by shifts in US trade policy and ongoing disruptions at mines.