Copper prices were almost flat on Friday as a week-long holiday in China paused a rally that was fuelled by demand prospects in the world’s biggest consumer.

Three-month copper on the London Metal Exchange was almost unchanged at $9,330 a tonne by 0427 GMT. On a weekly basis, the contract has risen only 0.1% after five straight weeks of gains.

The Chinese market is closed this week for the Lunar New Year holiday and will reopen on Jan. 30. LME copper has gained 11% so far this month, on track for its biggest monthly rise since April 2022, as hopes grew that economic activities in China would pick up after the world’s second largest economy dismantled its strict COVID curbs.

State-owned Chilean Copper Commission on Thursday raised its projection for 2023 prices to $3.85 per pound from a December estimate of $3.70 a pound, as inventories worldwide drop. LME aluminium eased 0.2% to $2,634.50 a tonne, zinc was up 0.1% at $3,490 a tonne, while tin advanced 0.4% to $32,400 a tonne.

Copper stuck in a rut as markets await US data

LME tin prices have jumped 31% so far this month, on track for a record monthly gain. The contract rose 8% last month after a 30% surge in November.