AI Stock Selloff Pressures Copper Prices as Metal Hits Three-Month Low

Copper fell to a three-month low this week as an AI-stock rout and lower U.S. tariff expectations pressured prices. It dropped 3.2% to $13,883 per ton on the London Metal Exchange Tuesday, then rebounded above $14,100 Wednesday after the US midterm elections, according to BeInCrypto. Democrats’ victory in both chambers reduced expectations for refined-copper tariffs; prices remain below September’s $14,875 record. Physical demand is firm: China’s Yangshan premium is near $200 per ton and Chinese warehouse inventories are down more than 75% in six months. J.P. Morgan sees a fourth-quarter average of $14,800 per ton, citing supply constraints. Support is $6.31 per pound, with resistance at $6.70 and downside levels of $6.11 and $5.91.