Tech stock sell-off hits copper prices

On Thursday, October 22, 2026, copper prices on the London Metal Exchange (LME) fell 0.7% to as low as $14,260 per metric ton. Earnings reports from major technology companies failed to ease concerns about the sustainability of AI investments, weakening investor risk appetite. Copper moved further away from its September record high of $14,875, while potential US tariffs on refined copper added pressure to prices.

Uncertainty surrounding investments in data centers and energy infrastructure, both major sources of copper demand, also weighed on other industrial metals. Aluminum declined 0.6% to $3,023.50 per metric ton, while nickel fell 1%. Iron ore prices in Singapore dropped to $89.45, reaching their lowest level in nearly two years. Meanwhile, reports that workers at Canada's largest copper mine could go on strike over a wage dispute raised fresh concerns about risks to global copper supplies.