Copper Prices Fall as US Election Clouds AI Demand and Tariff Outlook Copper prices dropped to their lowest level since July, falling as much as 1.5% to around $13,642 per ton on the London Metal Exchange. The decline reflects growing concerns that political changes in the US could weaken two major drivers of copper demand: expanding AI infrastructure investment and the possibility of higher US import tariffs. A broader selloff in technology stocks has also increased risk aversion across industrial metals markets. The Democratic Party’s control of Congress has reduced expectations of aggressive US copper tariffs, potentially easing the price premium on American copper and encouraging metal flows back into global markets. Concerns about slowing AI-related investment and tighter financial conditions are adding further pressure. However, physical copper markets continue to show supply tightness, with domestic Chinese copper premiums rising above 2,500 yuan per ton, their highest level since records began in 2015.