LME Aluminum 3M Select trades $-25.75 lower to $3005 at 8:58:28 AM
LME Copper 3M Select trades $-61 lower to $13525 at 8:58:30 AM
(Bloomberg) – Copper tumbled toward a fifth weekly loss — the longest run in nearly two years — on a wave of upheaval in the artificial-intelligence industry and growing expectations for further hikes in US interest rates.
Benchmark three-month futures dropped below $13,500 a ton on the London Metal Exchange, on track for the lowest close since mid-July. The commodity — which notched a record in September — has shed about 2% this week.
Appetite for risk assets has been undermined as a crisis at Nvidia Corp. moved into a new phase, with the resignation of Chief Executive Officer Jensen Huang. The turmoil at the influential chipmaker has cast doubt on the AI buildout, a theme that had attracted investors betting that lavish spending on data centers and other infrastructure would boost copper demand.
On the monetary-policy front, a series of hawkish comments from Federal Reserve officials boosted the dollar, hurting raw materials. On Thursday, the Fed Bank of New York President John Williams said US inflation remained “far too high” and policymakers needed to taken more action to contain prices.
Copper — used in pipes and wires — remains about 8% higher this year, aided in part by speculation that the US may introduce a tariff on imports, although some market watchers have cast doubt on that outlook. Goldman Sachs Group Inc. said in a note it still expected the metal to average $15,400 a ton next year, while warning that softer AI-related positioning and weakened expectations for US import tariffs both posed downside risks.
CME HRC Steel last traded at $1352 and $1 higher at 11/12/2026
