Copper falls, set for worst week since March on AI rout
XLB•XLB•XLB•XLB•Copper fell 1.3% to $13,663 a ton on Friday and was on track for a 3.44% weekly decline, its biggest since March. Tight supply and low inventories outside the US cushioned the drop.
Benchmark three-month copper on the London Metal Exchange fell 1.3% to $13,663 a metric ton by 0700 GMT, putting it on track for a 3.44% weekly decline. The most-traded Shanghai Futures Exchange copper contract fell 1.08% to 106,830 yuan a ton.
CRU analyst Craig Lang said copper was increasingly influenced by sentiment toward data centre expansion as technology shares fell. He cautioned against calling the decline a sustained correction, citing mine supply challenges and tight metal availability outside the US. Copper stocks in SHFE-monitored warehouses fell more than 24% this week to 33,848 tons, their lowest in almost three years, while the Yangshan copper premium reached $210 a ton on Thursday, matching its record high.
