London copper ticks up but heads for weekly loss
XLB•London copper rose 0.3% to $14,383.50 a metric ton on Friday but was down 1% for the week, as inflation concerns and a selloff in AI-related stocks weighed on metals. Aluminium was on track for a fourth straight weekly decline.
1. Copper under pressure
Benchmark three-month copper on the London Metal Exchange rose 0.3% to $14,383.50 a metric ton by 0150 GMT, but was down 1% for the week. The most-traded Shanghai Futures Exchange copper contract fell 0.1% to 109,610 yuan a ton. Marex analyst Ed Meir said a selloff in semiconductor and AI stocks was spilling over into copper, with the two areas having tracked closely for much of the year.
2. Inflation and other metals
U.S. producer prices rose by the most in 4-1/2 years in September, adding to concerns that inflation was broadening beyond energy products. LME aluminium gained 0.4% to $2,997 a ton but was down 1.7% for the week; Citi was neutral on copper and aluminium near term, citing ranges of $14,000-$15,000 and $3,000 a ton, respectively. Negotiations between Antofagasta Minerals and two striking unions at Chile's Centinela copper mine showed no progress; the unions represent more than 700 workers and began their walkout on October 7.
