KUALA LUMPUR, Feb 4 (Bernama) -- Bursa Malaysia erased early gains to end lower today as profit-taking emerged following recent gains. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.44 points, or 0.31 per cent, to 1,742.82 from yesterday’s close of 1,748.26. The market bellwether opened 1.84 points lower at 1,746.42, and subsequently hit an intraday high of 1,751.22 in early trade before slipping to its day’s low of 1,740.49 during the mid-afternoon session. In the broader market, losers outpaced gainers 602 to 462, with 558 counters unchanged, 1,013 counters untraded and six suspended. Turnover declined to 2.59 billion shares valued at RM2.86 billion from yesterday's 3.25 billion shares valued at RM3.34 billion.
Summary
Copper rebounded sharply on Tuesday after a two-day slump, as the broader metals selloff eased and dip-buying emerged from China, the world’s largest copper consumer. While short-term momentum has softened, longer-term supply constraints are expected to keep prices elevated.
What Happened
Copper rose as much as 2% to US$13,148.50 per tonne
This followed a 15% plunge from last Thursday’s record high
Other industrial and precious metals also recovered part of recent losses
On the London Metal Exchange, copper was up 0.5% at US$12,951 per tonne, while prices on the Shanghai Futures Exchange jumped 3.6%.
Why Prices Rebounded
The recovery was driven mainly by renewed buying from China:
Investors stepped in after the sharp correction
Fabricators and manufacturers restocked ahead of the Lunar New Year (starting Feb 16)
Physical demand returned after weeks of staying on the sidelines
Why the Rally Has Slowed
According to market analysts, upside drivers are now less clear:
US monetary policy expectations have become more uncertain
LME supply squeeze risks have eased
COMEX–LME price spreads have narrowed
Key point: Short-term upside momentum has weakened, even as prices stabilise.
Longer-Term Outlook
Despite near-term uncertainty, copper prices are still seen as structurally supported:
Ongoing mine disruptions globally
Long-term demand from energy transition and electrification
Other metals also rebounded:
Tin: +5%
Nickel: +2%
Bottom Line
Copper’s rebound suggests the worst of the panic selling may be over, helped by China-led dip buying. However, with speculative drivers fading, prices may consolidate in the short term — even as tight supply keeps long-term fundamentals intact.
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