Copper futures slid toward $6.40 per pound on Thursday, marking their lowest level in five weeks, as a global selloff in artificial intelligence–related equities weighed on sentiment toward the metal. Despite the pullback, copper remains a core beneficiary of AI expansion, given its critical role in data centers and power infrastructure.
Prices also came under pressure this week amid speculation that the United States may scrap proposed tariffs on refined copper imports. Market participants increasingly expect the Trump administration to revisit the measures ahead of the midterm elections, as global supplies tighten and inflationary pressures remain elevated.
Copper prices reached record highs last month after traders redirected shipments to US warehouses in anticipation of potential tariffs, curbing availability in other key consuming regions. At the same time, supply risks remain pronounced, with the threat of labor strikes at major mining companies persisting due to unresolved labor disputes.
