Three-month copper on the London Metal Exchange (LME) touched a five-week intraday low of $14,076 per metric ton Thursday, amid a buildup in warehouse stocks. The quote was recorded at 4:07 a.m. ET (08:07 UTC), when the contract was about 2% lower; it was an intraday reading, not the closing price.
LME warehouse records put on-warrant copper holdings 70,100 metric tons higher across the two days ending Oct. 22. The inventory total spans that two-day period; $14,076 is a single trading snapshot from Thursday morning.
Later, U.S. markets finished lower. The Nasdaq Composite ended at 26,008.86, a 2.6% decline, while the S&P 500 closed 1.2% lower at 7,663.43. AI-related shares came under pressure as investors weighed the expense of financing data centers and acquiring AI chips.
Copper has pulled back from a September peak near $14,875 per metric ton. Expectations of possible U.S. tariffs on refined copper encouraged shipments into U.S. warehouses, leaving less metal available in other markets. EconoTimes previously covered U.S. copper stockpiles topping 1 million metric tons amid a surplus forecast.
