Copper slips on concerns over AI demand, high US inventories

Copper retreated in London on Thursday as traders weighed softer expectations for AI-related consumption against a growing stockpile in the United States, Business Recorder reported. The LME three-month contract was 0.9% lower at $14,352 per metric ton at 1040 GMT, following a Wednesday peak not seen since October 14. That earlier advance had brought the metal closer to September’s record of $14,875.

US Comex-linked warehouses now hold 800,321 short tons, equivalent to 726,039 metric tons, after stocks climbed 60% this year. Investors are also watching whether a lack of US tariffs would reduce import demand, while China’s Yangshan premium reached $205 a ton, its strongest level in over a decade, reflecting tight local supply. In Shanghai, copper settled down 0.4% at 109,380 yuan a ton; LME zinc gained 0.8%, while aluminium and tin declined.