Copper steadies as AI-driven tech stock rally stalls near record

Copper steadied as a rally in tech-related stocks stalled following a surge driven by optimism about the artificial-intelligence boom.

Contracts on the London Metal Exchange were little changed on Wednesday amid broader caution across other markets and a stronger US dollar. The red metal is set to receive a demand boost from data centres built for the AI industry, the same sector driving this week’s gains in global stocks.

The copper market is still in consolidation mode after prices surged to a record last month when the risk of US tariffs on refined metal prompted a rush of supplies to America, tightening conditions elsewhere. Traders are awaiting the re-opening of markets in China, the world’s top metal consumer, following a week-long holiday for the next cues on direction.

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Copper futures declined 0.2% to $14 381.50 a ton on the LME at 2:16 p.m. in Singapore. Aluminium was 0.2% higher, while zinc fell 0.2%.

Iron ore futures lost 0.4% to $91.20 a ton in Singapore, declining for the 12th time in the past 13 sessions. The steel-making staple recently dropped to a two-year low.

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