Monthly mining insights

A Look Back at Base Metals: January 2026

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.

Monthly mining insights

Mining Stocks in Focus: January 2026

Let’s take a look at how three major mining stocks fared this January. The data here reflects the closing prices on the TSX, captured weekdays in Canadian dollars per share. It was a busy month for Barrick Gold, Teck Resources, and First Quantum Minerals, each carving out their own path through the market.

Barrick

Barrick started the month on a strong note, with the first available data point showing the stock at $60.52 on January 2nd. From there, it was largely an upward trend. The stock climbed steadily through the first few weeks, gathering momentum and hitting its stride mid-month. We saw the peak for January on the 28th, with Barrick closing at $71.86. However, the very last day of trading brought a sharp reversal. On January 30th, the price dropped significantly to close the month at $61.95.

Teck

Teck Resources had a notably bullish run throughout January. Opening at $65.57 on the 2nd, the stock experienced consistent growth. There were some minor dips along the way—like on the 13th and again around the 20th—but the overall trajectory was distinctly upward. Teck saved its best performance for the end of the month, hitting a high of $80.19 on January 29th. It pulled back slightly on the final day, but still managed to close at a robust $73.34.

First Quantum Minerals

First Quantum Minerals showed some resilience this month, bouncing back from an early dip. The stock opened at $37.29 on the 2nd, slid down to $38.15 on the 7th, but then spent the rest of the month climbing. It hit its first significant high of $41.35 mid-month on the 14th. After some fluctuation, it rallied again late in the month, topping out at $41.91 on the 27th. The closing days were a bit rockier, though, with the stock dropping back to $38.49 by the 30th.

The Raw Data

That covers the movement for these three mining players in January. It was a month defined by strong climbs and some late-month volatility. If you want to review the specific closing numbers for every trading day, you can find the complete dataset in the full raw data post for January.

Monthly mining insights

Gold and Silver: January 2026

In terms of the precious metals sector for January 2026, it was quite a month for gold and silver. Both had some notable movements in the spot prices. As always, these figures were captured weekdays at 8 p.m. ET, priced in Canadian dollars per ounce.

Gold

Gold started the year on a relatively quiet note. On January 2nd, the spot price sat at $5,945.72. However, that calm didn’t last long. The metal began a steady ascent right out of the gates. By January 12th, it had already crossed the $6,300 mark. The momentum continued to build throughout the month. Gold hit a significant stride around the 22nd, surging to $6,842.16. But the real action happened in the final week. On January 28th, gold hit its absolute peak for the month at a staggering $7,463.54. It was a volatile finish, though. Just two days later, on the 30th, the price pulled back sharply to close the month at $6,659.61.

Silver

Silver followed a similar upward trend, though with its own distinct character. It opened the month at $99.92 on the 2nd. There were some early fluctuations, but the overall direction was clearly up. By mid-month, silver was trading comfortably above $120. The rally intensified as January progressed. Like gold, silver saw its strongest performance late in the month. It peaked on January 27th at $154.63, showing incredible strength before dipping slightly the next day to $159.46—wait, that’s actually a dip? No, looking at the data, the 28th saw it hit $159.46, which is the high. My apologies, it peaked on the 28th. After that high-water mark, silver experienced a steep drop-off, closing out the month on the 30th at $115.98.

The Raw Data

That wraps up the precious metals for January. It was a month defined by powerful rallies and a dramatic end to the trading period. If you want to review the specific daily numbers, make sure to check out the full raw data post for January.