Copper is on track for its third weekly loss in four as a broader selloff in technology stocks weighs on market sentiment. The metal, crucial for data centers and power infrastructure, saw futures in London dip below $14,150 a ton, marking a nearly 2% decline this week. This retreat follows a record high reached in September, highlighting the metal's sensitivity to shifts in risk appetite.
The global tech stock slump deepened on Friday, with earnings reports from major companies failing to ease investor concerns about the sustainability of the artificial-intelligence-driven rally. The selloff in tech has spilled over into commodities like copper, which are often seen as barometers of economic health and industrial demand.
Copper's price movement this week underscores the interconnectedness of global markets. As tech stocks falter, so too does demand for metals tied to technological advancements, creating a ripple effect across different asset classes. The metal's performance this week serves as a reminder of the volatility that can accompany shifts in investor sentiment.