Zinc Leads Weekly Gains in COMEX Base Metals; Copper, Aluminum and Lead Advance (Feb 5–11, 2026)

COMEX base metals finished broadly higher in the February 5–11, 2026 trading window, with zinc leading the complex. Copper rose 1.97% despite elevated visible inventories, while aluminum and lead also advanced.

Zinc Leads Broad Weekly Gains in COMEX Base Metals; Copper Rises Despite Elevated Inventories

Week Ending February 11, 2026

COMEX and CME-linked base metals futures finished broadly higher in the Wednesday-to-Wednesday trading window ending February 11, 2026, with zinc leading gains across the complex and copper, aluminum, and lead also posting advances.

Zinc rose 3.08% over the five-session window, outperforming aluminum (+2.22%), copper (+1.97%), and lead (+1.43%), based on benchmark futures pricing data for the period.

The advance reflected a constructive tone across industrial metals, as all four major contracts closed the week higher versus the previous Wednesday settlement.

Copper: Weekly Gain Amid Inventory Scrutiny

COMEX copper futures opened the period near 5.9360, traded between a weekly high of 6.0880 and a low of 5.5955, and closed at 5.9655, representing a 1.97% increase versus the prior Wednesday close.

Despite the weekly gain, copper continues to trade against a backdrop of elevated visible exchange inventories. Recent industry reporting has noted that combined exchange stocks across major global venues remain high relative to historical norms, raising questions about near-term tightness despite ongoing structural demand narratives tied to electrification and infrastructure.

Market participants continue to weigh long-term bullish themes against short-term supply visibility.

For scrap recyclers and physical traders, weekly price strength does not necessarily confirm tightening nearby conditions. Industrial buyers may interpret rallies as opportunities to review hedging exposure rather than signals of immediate scarcity.

Aluminum: Policy Sensitivity and Logistics in Focus

Aluminum futures opened near 3,030.00 during the period, traded between 3,011.45 and 3,139.05, and settled at 3,119.85, reflecting a 2.22% weekly gain.

Aluminum remains sensitive to trade and policy developments, which can amplify volatility. Market attention has also centered on exchange warehousing frameworks and logistical considerations that influence regional pricing and physical premiums.

The week’s advance suggests supportive sentiment within the broader industrial complex, though policy developments remain a potential source of near-term movement.

For recyclers handling aluminum grades, futures strength may support bid stability. Procurement teams remain attentive to policy-driven risks affecting both flat price and premiums.

Zinc: Weekly Leader Across the Complex

Zinc posted the strongest performance of the week, climbing 3.08% and closing at 3,417.55 after trading within a 3,262.70 to 3,456.25 range.

Leadership rotating toward zinc rather than copper alone suggests broader positioning across industrial metals rather than a single-metal demand impulse.

Historically, analysts note that when prices advance rapidly, end-users may adjust purchasing behavior. Current price behavior places zinc in a technically constructive position while leaving demand elasticity as a key variable.

For scrap operators handling galvanized-related material, the futures signal is supportive. Industrial consumers may evaluate coverage strategies accordingly.

Lead: Steady Participation

Lead futures advanced 1.43% during the week, closing at 1,996.68 after trading between 1,948.55 and 1,997.48.

The metal participated in the broader upswing but lagged zinc and aluminum. Lead’s trading pattern often reflects battery-related demand cycles and physical market flows more than macro-driven speculation.

Cross-Metal Perspective

The uniform positive performance across copper, aluminum, zinc, and lead indicates constructive weekly sentiment in base metals.

However, structural narratives remain differentiated:

  • Copper faces ongoing debate over visible inventories versus medium-term demand expectations.

  • Aluminum remains sensitive to policy and logistical developments.

  • Zinc leadership suggests broader industrial positioning.

  • Lead continues to reflect relatively stable end-use demand channels.

Risks and Near-Term Watch Points

Market participants are monitoring:

  • Exchange inventory trends, particularly in copper.

  • Trade and tariff developments affecting aluminum.

  • Potential demand elasticity if prices extend gains.

  • Macro data releases influencing industrial confidence.

A supportive macro environment may reinforce recent gains, while adverse data or sustained inventory builds could pressure prices.

Outlook

The week ending February 11 reflected constructive sentiment across COMEX base metals. While longer-term industrial demand themes remain intact, near-term price behavior continues to be influenced by positioning, inventory transparency, and policy developments.

For scrap yards, recyclers, and industrial buyers, disciplined inventory management and structured hedging strategies remain central as markets balance momentum with mixed structural signals.

 

People Also Ask (PAA)

What are COMEX base metals?

COMEX base metals refer to industrial metal futures contracts traded on the Commodity Exchange (COMEX), part of CME Group. Common contracts include copper, aluminum, zinc, and lead. These futures serve as price benchmarks for global physical markets.

Why did zinc outperform copper this week?

Zinc’s 3.08% weekly gain outpaced copper’s 1.97% rise. The outperformance likely reflects broader industrial positioning within the metals complex rather than a copper-specific demand narrative.

How do futures prices affect scrap metal prices?

Futures prices influence physical market sentiment and replacement costs. While scrap pricing depends on regional supply-demand conditions, COMEX and CME futures often serve as directional benchmarks for buyers and recyclers.

Why do copper inventories matter?

Visible exchange inventories provide transparency into available supply. Elevated inventories can temper bullish price narratives, while falling stocks may support expectations of tightening supply.

What should industrial buyers watch next?

Buyers typically monitor inventory trends, macroeconomic data, policy developments, and positioning shifts in futures markets when planning hedging or procurement strategies.