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Copper prices fell on Friday and were on track to snap a three-month winning streak in October as concerns that heavy spending on AI may not generate sufficient returns weighed on risk appetite.
Benchmark three-month copper on the London Metal Exchange (LME) was down 1.5% at $14,140 a metric ton by 1720 GMT, after touching a one-week low of $14,133 earlier in the session.
The metal, used in power and construction, was set to post a 1.8% decline in October as higher oil prices and a slump in tech shares prompted a flight to bonds.
Copper continued to draw support from a premium of the LME cash contract over the three-month benchmark CMCU0-3, as months of shipments into US stocks have reduced metal availability in traditional consuming hubs.
“Backwardation in copper remains elevated, pointing to persistent near-term tightness,” said Neil Welsh, head of metals at broker Britannia Global Markets.
The Yangshan copper premium SMM-CUYP-CN, a gauge of Chinese demand for imported copper, remained near a 13-year high of $205 a ton, signalling strong appetite in the world’s top metals consumer.
The premium has been supported by tighter domestic scrap supplies and LME copper’s retreat from the record high of $14,875 a ton reached in September.
On the supply side, Rio Tinto began restarting underground operations at its Oyu Tolgoi mine in Mongolia after a seismic event. Chile’s copper output fell 15% year-on-year in September.
Among other LME metals, tin CMSN3 was down 2.4% at $48,505 a ton after touching $48,100, its lowest level in more than six months, due to worries about AI-related spending. Indonesia’s September refined tin exports fell 18% year on year.
Aluminium CMAL3 lost 0.4% to $3,064, zinc CMZN3 fell 1.3% to $3,831, lead CMPB3 eased 0.3% to $1,908, while nickel CMNI3 slid 1.8% to $15,250.
(Reporting by Polina Devitt; additional reporting by Solomon Cefai; Editing by Joyjeet Das and Jonathan Ananda)
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