Copper rises after selloff but heads for weekly loss amid AI rout
NVDA•Copper rose 0.68% to $13,680 a metric ton on Friday after hitting a four-month low, but was down 0.65% for the week as AI investment concerns outweighed tight supply in China.
1. Prices rebound slightly
Benchmark three-month copper on the London Metal Exchange rose 0.68% to $13,680 a metric ton by 0145 GMT, after falling to a four-month low of $13,515 on Thursday. Copper remained on track for a weekly loss, down 0.65% so far.
2. AI worries weigh
Investor caution about technology and AI-linked stocks raised concerns about future data-centre spending, an expected source of copper demand. The article said Nvidia CEO Jensen Huang resigned on Thursday, adding to doubts about demand tied to AI infrastructure. Uncertainty over US policy after the midterm elections and opposition to some data-centre projects also contributed to caution.
3. China supply signals mixed
Copper found support from tight supply in China. The Yangshan copper premium, a gauge of Chinese appetite for imported metal, reached a record $240 a ton on Thursday, while the domestic premium paid over the Shanghai Futures Exchange contract fell to 775 yuan a ton from a record 2,615 yuan set on November 6.
