(Bloomberg) -- Industrial metals had a subdued start to the week, with many Asian traders offline for the Lunar New Year break, and the US also closed.

Copper was little changed below $12,900 a ton in London, consolidating after recent volatility. Aluminum edged lower after falling on Friday following a report US President Donald Trump may narrow the scope of import tariffs.

Most Read from Bloomberg

• A Tunnel to Transform Los Angeles

• New Zealand Net Migration Sinks to Lowest Level in More Than a Decade

• Texas Airspace Closure Fallout Grows, Senators Seek Answers

• NFL’s Houston Texans to Shift HQ to New Suburban Development

Near-record prices have chilled industrial demand for metals like copper in China, the world’s biggest buyer. As manufacturers pull back on orders for metal, exchange inventories have been rising, helping to replenish reserves after large volumes were drawn into the US in anticipation of tariffs.

Readily available copper inventories tracked by the London Metal Exchange rose again on Monday, bringing total stocks at exchanges in Shanghai, London and New York further above a million tons, the highest since 2003.

The LMEX Index that tracks the main six metals traded in London hit a record last month on a wave of Chinese buying, coupled with a weaker US dollar. Since then, the index has backtracked somewhat, as traders await fresh catalysts, including on US tariffs and the outlook for Federal Reserve monetary policy.

Copper futures were steady at $12,878 a ton at 3:40 p.m. in London, while aluminum dipped to $3,066 a ton after losing as much as 2.7% on Friday. Tin fell 1.3%, and nickel rose 1.2%.

Most Read from Bloomberg Businessweek

• The Georgia Pastor Accused of Defrauding the VA of Nearly $24 Million

• America’s Most Powerful CEOs Are Awfully Quiet Lately

• Drug Cartels Are Shifting Their Money Laundering to Crypto. Cops Can’t Keep Up

• Epstein Files Contain a Big Clue About Cambodia’s Missing Masterpieces

• Industry TV Recap: Shades of Epstein

©2026 Bloomberg L.P.