Copper falls, heads for worst week since March on AI rout

Copper prices declined for a fourth consecutive day on Friday, with the London Metal Exchange benchmark down 0.8% to $13,738 a metric ton at 1030 GMT. The contract had earlier touched $13,636, its weakest level since July 30, and was on course to lose 2.9% for the week, its steepest weekly fall since the week ending March 20.

Business Recorder reported that pressure came from a technology-share sell-off and concerns about investment in artificial intelligence, while mine supply constraints helped check the decline. Copper inventories in Shanghai Futures Exchange warehouses dropped more than 24% during the week to 33,848 tons, their lowest level in almost three years. The LME cash contract also traded at a $117.50-per-ton premium to three-month delivery, indicating tight nearby supply outside the US; aluminium, zinc, lead and nickel also fell, while tin gained.