Copper Prices Hit Five-Week Low Amid Rising LME Inventories and AI Stock Selloff
Copper futures experienced a significant decline on Thursday, dropping as much as 2% to reach five-week lows. The price slump was driven by two primary factors: a surge in inventories reported on the London Metal Exchange (LME) and a broader reduction in market risk appetite following a global selloff in artificial intelligence-related technology stocks. The decline in copper prices closely tracked losses seen across major equity markets. As investors reacted to recent earnings from large-cap tech companies, the resulting volatility in the semiconductor and AI sectors spilled over into the commodities market, dampening sentiment for industrial metals.
Tickers: $FCX
Topics: commodity prices equities correlation LME inventories market sentiment