U.S. Non-Farm Payrolls Data Beat Expectations, Interest Rate Cut Expectations Pull Back, Copper Prices Under Pressure and Retreat [SMM Macro Weekly Review]

With the Chinese New Year approaching, the market is entering the holiday period [SMM North China Spot Copper].

Few offers were made during the day, and there were almost no market participants. [SMM Yangshan Spot Copper]

Copper prices fell sharply, with some downstream buyers making small restocking purchases, but overall trading remained sluggish [SMM South China Spot Copper]

SMM Weekly Operating Rate of Secondary Lead Smelters (February 6, 2026–February 12, 2026) [SMM Lead Weekly Review]