Copper Slides for Fourth Straight Session
Benchmark copper fell 0.5% to $13,775 a metric ton on the London Metal Exchange on Friday as a technology stock rout weighed on metals.
Updated on Nov. 6, 2026 in Stock Markets
Copper fell for a fourth straight session on Friday, with the benchmark three-month contract on the London Metal Exchange down 0.5% at $13,775 a metric ton. The metal is on track for its biggest weekly drop since March amid a technology stock rout.
Why it matters
The slide reflects broader market nervousness, as technology stocks declined on fears that Democratic control of the US Congress could lead to tougher AI regulation. Traders are also watching shifting expectations for US tariffs on refined copper.
Benchmark three-month copper fell as much as 1.5% intraday to $13,636, its lowest since July 30, while Shanghai warehouse stocks dropped more than 24% this week to 33,848 tons. The Yangshan premium rose to a record $217.50 a ton, and it remains unclear whether these inventory and premium shifts will persist.
The players
Deutsche Bank
A major German multinational investment bank whose analysts commented on the copper outlook, framing the bear case as a recessionary spiral and the bull case as the persistence of the status-quo trend.
The details
Copper found support from its 200-day moving average even as the metal slid, and the premium of US COMEX copper prices over LME prices briefly flipped to a discount overnight before recovering. Aluminium fell 0.5% to $3,049 a ton, while tin was the sole gainer, climbing 1.7% to $46,250.
Timeline
Copper fell for a fourth straight session on Friday, November 6, 2026.
Copper is on track for its biggest weekly drop since March by the end of the week.
Market Dynamics
Deutsche Bank's view that copper bears need a recessionary spiral while bulls only need the status-quo trend to persist frames the metal's current slide as a test of whether broader economic weakness is taking hold. The move also reflects how fears over US AI regulation and reduced potential tariffs on refined copper are reshaping the metal's near-term pricing.
Investors holding copper-linked equities or metal exposure face near-term price volatility as the benchmark slides and warehouse inventories shrink. Traders watching the premium spread between LME and COMEX prices may see shifting arbitrage conditions tied to tariff expectations.
The takeaway
Copper's direction over the coming weeks may hinge on whether the metal's slide reflects a broader recessionary turn or a temporary reaction to technology-sector fears. Watching warehouse stocks and the Yangshan premium can help readers gauge how physical demand is holding up.
Further reading
For broader market context, explore our Stock Markets coverage.
Source note: This article includes information reported by MINING.
