Copper and tin fall as Asian technology stocks retreat
Tin has lost 10% this quarter, making it the weakest performer among the London Metal Exchange’s six major metals.
Copper declined 1.2% to US$14,180 a tonne on Nov 3 as another downturn in Asian technology shares weighed on industrial metals. At 10.50am in Shanghai, tin was down 2.2% at US$48,550 a tonne, while aluminium slipped 1.1% to US$3,060.50 a tonne.
The technology selloff weakened the demand outlook for metals used in data centres and circuit-board soldering. Investors remained concerned about spending by artificial intelligence companies and their stretched valuations. Copper and tin each lost more than 1% on the London Metal Exchange.
The decline followed a rise in copper on Monday, when lower oil prices offered some prospect of easing inflation pressures. Signals from the US and Iran that they were willing to pursue peace talks had also reduced concerns about the war’s effects on global growth and interest rates.
Xu Wanqiu, an analyst with Cofco Futures Co, said macroeconomic conditions were weighing heavily on metals, particularly because fighting could resume after the US midterm elections.
