(Updates prices, adds London dateline)

By Polina Devitt

LONDON, Feb 17 (Reuters) -

Copper prices fell on Tuesday as rising inventories in

London Metal Exchange-registered warehouses pressured the

market, although thin trading volumes amid the Chinese Lunar New

Year holiday ​limited activity.

Benchmark three-month copper on the London ‌Metal Exchange

was down 0.8% at $12,744 a metric ton by 0959 GMT.

The metal, used in power and ⁠construction, is down 12% since

it hit a record high of $14,527.5 on ⁠January 29 on a wave of

speculative buying, encouraged by ‌expectations of strong ‌demand.

The record-high prices muted demand in top metals consumer

China and added to the 2025 stockpiling ​in the United States,

driving combined copper stocks ‌of the three exchanges - the LME,

the Shanghai Futures Exchange, and U.S. Comex exchange - to more

than one million tons for ​the first time in more than ​two

decades.

Copper inventories ‌in the LME system reached an 11-month

high of 221,625 tons after 9,975 tons were delivered to

LME-registered warehouses in the U.S., South ⁠Korea and Taiwan,

daily LME data showed.

The discount on the LME cash ⁠copper contract to the

three-month contract widened to $114 a ton on Monday,

its highest level in one year, indicating ample nearby supply.

This marks a sharp reversal from a premium of $102 on January

20.

Meanwhile, trading liquidity has been thin ⁠this ‌week due to

the Lunar New Year holiday in top ‌metals consumer China that

began on February 15. The SHFE is closed until ⁠February 24.

During the holiday period, copper has traded in a narrow

technical range, with price sandwiched between the 21-day and

50-day moving averages, currently at $13,029 and $12,621,

respectively.

On the supply side, mining giant BHP Group ( BHP ) flagged

an $18 billion multi-year investment plan to develop copper,

gold, and silver mining projects in Argentina. Chilean miner

Antofagasta ( ANFGF ) said its increased capital spending ​would

boost production in the medium term.

In other metals, aluminium and tin rose 0.4%

to $3,064.50 a ton and $45,985, respectively. Zinc fell

0.1% to $3,286, lead lost 0.3% to $1,952, ​and nickel

slid 1.0% to $16,935.