{
  "id": 17191010,
  "title": "Copper edges lower as higher oil, AI doubts weigh",
  "url": "https://urgent.news/2026/10/30/copper-edges-lower-as-higher-oil-ai-doubts-weigh",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-30T06:30:04.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446670/copper-edges-lower-as-higher-oil-ai-doubts-weigh"
  },
  "original_language": "en",
  "account": "Copper prices dipped on Friday, with modest gains expected for the week ahead, as higher oil prices and concerns over artificial intelligence (AI) weighed on the industrial metal. The benchmark three-month copper contract on the London Metal Exchange declined 0.25% to $14,320.50 per metric ton by 0310 GMT. In Shanghai, the most-traded copper contract fell 0.6% to 109,050 yuan per ton. Brent crude futures experienced a 1.44% increase, following heightened attacks by Iran-aligned Houthis on Saudi Arabia, which dampened demand for industrial metals like copper.\n\nAccording to Angela Durrant, director of commodities analysis at Commonwealth Bank, higher oil prices negatively impact macroeconomic demand and act as a tax on global economic activity, suppressing industrial production. Additionally, technology stocks experienced a slump due to worries about elevated AI expenditure. Despite the adverse factors, copper had benefited from expectations of AI infrastructure demand. However, attendees at the recent London industry event downplayed the significance of AI in driving copper demand, with BNP Paribas's head of metals strategy, David Wilson, and commodity desk strategist, Elena Lee, stating that few participants believed AI would play a substantial role in copper demand.\n\nSurveys conducted by Reuters analysts indicate that copper price forecasts for 2027 have been revised upwards, but the projected average price remains nearly 4% below the current level. Moreover, the estimated global surplus for 2026 has been raised to 125,000 tons, while the 2027 surplus forecast has nearly doubled to 92,000 tons. The positive outlook for copper was further bolstered by signs of sustained demand in China, where inventories have decreased. The Yangshan premium, which measures China's appetite for imported copper, slipped 2.44% to $200 per ton on Thursday and is still near its highest point in over a decade.\n\nAmong other LME metals, aluminum saw a 0.13% increase, zinc declined 0.19%, lead dropped 0.10%, nickel rose 0.8%, and tin fell 0.48%. On the Shanghai Futures Exchange, aluminum gained 0.51%, zinc dipped 0.12%, lead and nickel remained steady, and tin fell 3.43%, marking its lowest level in over two weeks.",
  "summary": "SINGAPORE: Copper drifted lower on Friday , and was set to end the week little changed, with higher oil prices threatening to weigh on demand and a technology stock slump dampening risk appetite. Benchmark three-month copper on the London Metal Exchange was down 0.25% at $14,320.50 a metric ton by 0310 GMT. The most-traded copper contract on the Shanghai Futures Exchange fell 0.6% to 109,050 yuan…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}