Alright, let’s dig into the numbers. The first month of 2026 is in the books, and the base metals sector kept things interesting. We’ve captured the weekday spot prices—Monday through Friday at 8 p.m. ET—all in Canadian dollars per metric tonne. It’s a mixed bag out there, with some metals climbing steadily and others taking a bit of a winding path.
Copper
Copper started the month on the back foot, opening at $17,200.47 on January 2nd. It didn’t stay down for long, though. We saw a solid push as the month progressed, hitting a high of $18,489.00 on the 14th. That peak stood out, but the price cooled off slightly in the latter half of the month. By the time we closed out on January 30th, copper had settled at $17,993.23, still holding onto most of those gains despite the late retreat.
Nickel
If you like volatility, nickel was the metal to watch this January. It kicked off at $22,633.47 and wasted no time making a move upward. The metal surged mid-month, peaking at $25,588.26 on the 9th. That wasn’t the end of the drama, though; prices pulled back significantly around the 16th, dropping to $23,905.60. It tried to mount a comeback in the following weeks, hovering in the mid-$24,000 range, but ultimately ended January at $23,960.40.
Zinc
Zinc showed a bit more discipline, trending upward for most of the month. Beginning at $4,231.28, the price gradually gained ground. There were the usual daily fluctuations, of course, but the trajectory was clearly positive. The momentum paid off by month’s end, with zinc reaching its pinnacle of $4,658.23 on the 29th. It slipped just a touch on the final day to $4,616.84, but that’s still a strong finish compared to where it started.
Lead
Lead was a bit of a grind. It opened at $2,689.12 and spent the first half of January slowly climbing the ladder. It hit its stride mid-month, topping out at $2,845.69 on the 15th. However, that high water mark proved elusive as the calendar turned toward February. The price drifted lower in the final week, erasing those gains to close at $2,663.26 on the 30th.
The Raw Data
That’s the snapshot for January’s base metals. It’s always fascinating to see how these markets move day-to-day. If you want to get into the weeds and see the exact figures for every single trading day, make sure to check out the full raw data post for January.