Copper, tin fall with base metals on renewed AI stocks selloff

Copper and tin fell with other industrial metals, as a renewed selloff in technology stocks in Asia weakened the demand outlook for materials used in data centres and to solder circuit boards.

Both contracts dropped more than 1% on the London Metal Exchange as concerns persisted over spending and stretched valuations at artificial intelligence companies. Tin has plunged 10% this quarter, the worst performer among the LME’s six major metals.

Copper had risen on Monday, helped in part by a pullback in oil prices that could mitigate inflation pressures. The US and Iran have signalled a willingness to pursue peace talks, easing anxiety over the war’s impact on interest rates and global growth.

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Still, macro conditions are putting a lot of pressure on metals, particularly given the possibility that the conflict could resume after the US midterm elections, said Xu Wanqiu, an analyst with Cofco Futures Co.

Copper fell 1.2% to $14 180 a ton as of 10:50 a.m. in Shanghai, while tin declined 2.2% to $48 550 a ton. Aluminium dropped 1.1% to $3 060.50 a ton.

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