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METALS-Copper heads for worst week since March as tech jitters spread
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METALS-Copper heads for worst week since March as tech jitters spread
Jun 26, 2026 3:35 AM

(Adds broker comment, updates prices)

June 26 (Reuters) - Copper drifted lower on Friday and was

on track for its steepest weekly drop in more than three months

as a selloff in tech equities spilled over into the metal.

Benchmark three-month copper on the London Metal

Exchange was down 0.3% at $13,236 a metric ton as of 0920 GMT.

The metal, considered a bellwether for the health of the

global economy, was on course to end the week down 2.6%, which

would mark its biggest weekly decline since the week ended March

20.

Global equities slipped after Apple ( AAPL ) price hikes

fuelled wider concerns over the inflationary impact of spending

by tech giants.

Sucden Financial senior broker Robert Montefusco said the

selloff in copper looked a little overdone. "We're looking for

it to rebound again, to chase back up to $13,500 but there's no

impetus to really do it just yet - that's the trouble," he said.

"No one is seeing any real physical demand."

Tight copper inventories were lending some support. Shanghai

Futures Exchange copper stocks fell 5.7% from last

week to 135,732 tons, the lowest since December, while LME

copper stocks trickled down to 336,475 tons, the

lowest since March 18.

Even so, the cash LME contract was trading at a $40 per ton

discount to the three-month forward , indicating no

near-term supply tightness.

Aluminium climbed 0.4% to $3,175.50 a ton after a

cargo ship was hit in the Strait of Hormuz on Thursday, reviving

concerns about the tentative peace deal in the Middle East.

The metal touched $3,110 on Wednesday, the lowest since

February 25 before the U.S.-Iran conflict began. It was heading

for a 6.4% weekly drop, which would also be its worst week since

March.

"With energy prices coming down, the costs for producing

aluminium should be coming down," Montefusco said, adding that

there could be buying around the $3,000-$3,100 mark.

Zinc edged up 0.1% to $3,437, lead was flat

at $1,912, nickel nudged up 0.4% to $16,750 and tin

climbed 0.1% to $50,405.

(Reporting by Tom Daly; additional reporting by Solomon Cefai;

Editing by Rashmi Aich and Joyjeet Das)

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