Copper Steady as AI Boom Fuels Tech Stock Rally

Copper prices remained stable on Wednesday as the rally in tech stocks, fueled by AI optimism, neared record highs. The red metal is expected to benefit from increased demand for data centers supporting the AI sector, which has also driven gains in global equities this week.

Trading on the London Metal Exchange saw little change, mirroring cautious sentiment across broader markets. Copper had previously surged to a record high last month after US tariffs on refined metal sparked a supply rush, tightening availability elsewhere. Investors are now awaiting the reopening of Chinese markets after a week-long national holiday for further direction.

As of 9:55 am Singapore time, copper futures were steady at $14,413 a tonne on the LME. Meanwhile, aluminium rose by 0.4%, and zinc gained 0.1%. Singapore iron futures, however, fell 0.4% to $90.95 a tonne.