Copper Set for Longest Losing Streak in Nearly Two Years as Nvidia Turmoil and Rate Concerns Weigh

Copper is on track for a fifth consecutive weekly decline, its longest losing streak in nearly two years. According to Sina Finance, the London Metal Exchange benchmark three-month copper contract fell below $13,500 per metric ton and was poised for its lowest close since mid-July; it has lost about 2% this week after reaching a record high in September. Nvidia entered a new crisis, and CEO Jensen Huang resigned, weighing on risk appetite and raising doubts about the outlook for AI expansion. Investors had previously bet that heavy spending on data centers and related infrastructure would boost copper demand. Hawkish comments from Federal Reserve officials have lifted the dollar, pressuring commodities. New York Fed President John C. Williams said Thursday that U.S. inflation remained “too high” and policymakers needed to take further steps to curb prices. Copper, which is widely used in pipes and cables, is still up about 8% this year, supported by expectations that the United States may impose import tariffs, though some market observers are skeptical. Goldman Sachs maintained its forecast for an average copper price of $15,400 per metric ton next year, while citing the unwinding of AI-related bullish positions and cooling expectations for U.S. import tariffs as downside risks.