Copper fell 2.4% to $14,000 a metric ton, after touching $13,883, its lowest since August 19. Other LME metals also declined as investors pulled back from cyclical assets amid concerns about AI spending, US elections and Middle East tensions.
Benchmark three-month copper fell 2.4% to $14,000 a metric ton in official LME trading after touching $13,883, its lowest since August 19. ING commodities strategist Ewa Manthey said pressure on technology shares was prompting fresh questions about near-term metals demand from AI and data-centre investment.
Investors were assessing possible implications of the US midterm elections for fiscal policy and government spending, while the US-Iran conflict clouded the growth outlook. The yuan weakened after China’s central bank said it would increase foreign currency reserve requirements for financial institutions, making dollar-priced metals more expensive for Chinese buyers. Tight physical supply signs limited copper’s losses, with the Yangshan premium near $200 a ton, its highest in more than a decade.
Copper’s drop below its 100-day moving average at $14,054 reinforced bearish momentum, with initial support seen near the 200-day average at $13,589. Aluminium fell 1.8%, zinc 2.2%, lead 0.7%, nickel 1.2% and tin 3.6%; tin touched its lowest level since mid-April.
