Copper slips from two-week high as cautious investors stay on sidelines
XLB•Copper fell 1.2% to $14,310 a metric ton after reaching a two-week high in the previous session, as investors weighed AI-sector demand and high U.S. inventories. U.S.-linked Comex warehouse inventories have risen 60% this year to 800,321 short tons.
1. Copper retreats
Three-month copper on the London Metal Exchange fell 1.2% to $14,310 a metric ton by 1500 GMT on Thursday, after hitting its highest level since October 14 on Wednesday. An analyst described sentiment as more cautious, rather than outright bearish.
2. Demand and inventories
Investors have questioned whether AI data-centre construction will boost copper demand, while Comex-linked warehouse inventories have risen 60% this year to 800,321 short tons. An analyst said investors see a risk that a lack of U.S. tariffs could reduce import demand and gradually restore pricing power to Chinese consumers. In China, the Yangshan copper premium rose to $205 a ton, its highest in more than a decade.
