Business · Energy & Commodities · 5 hrs ago
Copper Falls to Seven-Week Low as Traders Weigh AI Demand and Diplomacy
Copper fell to a seven-week low as traders weighed concerns about artificial intelligence spending and possible diplomacy in the Middle East conflict.
On the London Metal Exchange, it settled at $14,036 a metric ton, down 2.2%; prices also fell on the Comex, a US futures market.
Unconfirmed reports of progress in US-Iran peace talks sent oil lower, while bond yields and the US dollar rose, putting pressure on copper and other metals priced in dollars.
At the same time, uncertainty about the rollout of AI spending has raised concerns about global growth and future demand for metals used in infrastructure.
Copper’s 13% rise this year was driven largely by expectations that the US would impose tariffs on refined metals, but uncertainty about Washington’s plans is now weighing on prices.
Tuesday’s fall puts its recent trading range at risk, though copper remained up for the year.
Copper fell 2.2% on the London Metal Exchange on Tuesday, settling at $14,036 a metric ton, its lowest level since Sept. 14.
The decline came as traders weighed uncertainty about artificial-intelligence spending and prospects for diplomacy in the US-Iran conflict.
Unconfirmed reports of progress in peace talks were linked to lower oil prices, higher bond yields and a stronger dollar, which weighed on copper.
Concerns about global growth and metals demand also grew amid jitters over the rollout of AI spending.
Copper remains up about 13% this year, but Tuesday’s fall threatened to push it out of a range it had broadly held for two months.
- Who
- Copper traders assessed AI-related demand and prospects for Middle East diplomacy.
- What
- Copper fell to a seven-week low, settling at $14,036 a metric ton on the London Metal Exchange.
- When
- Tuesday, Nov. 3, 2026.
- Where
- The London Metal Exchange; Comex copper also fell.
- Why
- Traders weighed uncertainty about AI spending and diplomacy in the US-Iran conflict. A stronger dollar and concerns about growth and metals demand also weighed on prices.
This story does not have two clearly opposing sides.
Copper’s previous lowest level was recorded, according to the article.
Copper fell 2.2% on the London Metal Exchange to settle at $14,036 a metric ton.
- LME copper settlement
- $14,036 a metric ton
- LME copper daily change
- Down 2.2%
- Comex copper settlement
- $6.4020 a pound
- Comex copper daily change
- Down 2.5%
- Copper’s 2026 gain
- About 13%
What people are saying
put the AI demand narrative behind copper’s rally under renewed scrutiny