Copper Falls to Lowest Closing Level Since July as AI and Tariff Concerns Weigh
Three-month LME copper closed at $13,768 per tonne on November 6, its lowest closing level since July, as investors reassessed U.S. import tariffs and demand expectations tied to AI infrastructure.
Key Points
- Copper reaches multi-month closing low: LME three-month copper settled at $13,768/tonne on November 6.
- Tariff and AI uncertainty: Changing U.S. political expectations raised questions about copper import tariffs and future data-centre investment.
- Intraday volatility: Copper traded as low as $13,636/tonne on November 6, below the November 3 intraday low of $13,883.
SEATTLE (Scrap Monster): Three-month copper futures on the London Metal Exchange (LME) closed at $13,768 per metric tonne on Friday, November 6, 2026, their lowest closing level since July.
The decline followed concerns that Democratic gains in the U.S. midterm elections could weaken prospects for additional copper import tariffs. Investors also questioned whether tighter regulation of artificial intelligence could slow data-centre investment, a significant source of anticipated copper demand.
SCRAPMONSTER EDGE | COPPER MARKET ANALYSIS
Copper Faces Pressure From Two Sources of Expected Demand
Potential U.S. tariffs had encouraged copper stockpiling, while AI infrastructure investment supported longer-term consumption expectations. Reduced confidence in either could weigh on prices.
Industry takeaway: Copper scrap buyers and processors should monitor both LME benchmarks and the U.S. market premium. Changes in tariff-driven inventory demand do not necessarily indicate an equivalent change in industrial copper consumption.
Copper Records Sharp Intraday Swings
On November 3, copper fell to an intraday low of $13,883 per tonne, declining as much as 3.2% during the session as technology shares weakened and investors reassessed demand expectations.
The market subsequently moved lower. Reuters reported an intraday price of $13,636 per tonne on November 6, before copper recovered to close at $13,768.
The November 6 closing price and the intraday lows are separate measurements. They should not be compared as though they represent the same point in a trading session.
Also Read: TD Securities Warns Copper Could Fall Another $500/Tonne
Tariff Expectations and AI Investment Remain in Focus
Uncertainty over proposed U.S. copper tariffs has reduced confidence in the stockpiling activity that previously supported domestic prices and encouraged shipments into American warehouses.
Meanwhile, concerns about tighter AI regulation have raised questions over the pace of data-centre construction and related investment in electricity infrastructure.
These developments represent changing market expectations rather than confirmed reductions in copper consumption or enacted changes to U.S. tariff policy.
Sources: London Metal Exchange, November 6 Closing Prices; Bloomberg, November 6, 2026.
Original article courtesy of TokenPost.