Copper falls, heads for worst week since March on AI rout
Copper fell for a fourth straight session on Friday and was on course for its biggest weekly drop since March, weighed down by a rout in technology stocks, although supply concerns limited the downside. Benchmark three-month copper on the London Metal Exchange was down 0.8% at $13,738 a metric ton as of 1030 GMT. It earlier declined as much as 1.5% to $13,636, its lowest since July 30, but found…
Copper experienced its steepest weekly loss since March 20 as technology stocks suffered, according to the London Metal Exchange. The benchmark three-month copper price plummeted 0.8% to $13,738 a metric ton, its lowest since July 30. Analyst Craig Lang attributes the decline to concerns over AI investment, with copper prices increasingly sensitive to "sentiment towards data centre expansion."
Despite supply concerns limiting the downside, the metal's downward trend was evident as Shanghai Futures Exchange copper stocks plummeted over 24% this week, reaching an all-time low. The ShFE copper curve is currently in backwardation, meaning prompt delivery prices are higher than future deliveries.
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