Copper Falls to Lowest Since July as US Political Shakeup Clouds AI and Tariff Outlook

Summary

Copper slumped to its lowest level since July as a political shakeup in Washington threatened to blunt two key bullish drivers for the metal: the rapid buildout of AI infrastructure and the risk of US import tariffs on copper. Copper had soared this year on forecasts of surging demand from AI data centres, but that outlook is now seen at risk after a Democrat sweep in the US midterm elections.

Timeline

1. Bloomberg

   6 Nov 2026, 01:26 UTCSource ↗

   Bloomberg reports that copper slumped to its lowest since July as a political shakeup in Washington threatened to blunt two key bullish drivers: the rapid buildout of AI infrastructure and the risk of US import tariffs on the metal.

2. Financial Times

   6 Nov 2026, 16:31 UTCSource ↗

   The Financial Times reports that copper prices fell on fears of an AI backlash, after the red metal soared this year on forecasts of surging demand from AI data centres, now seen at risk following a Democrat sweep in the US midterms.