Copper prices steady as AI financing concerns and Chilean supply risks emerge

Copper and aluminum prices experienced a retreat on October 13, 2026, as investor concerns regarding the financing of artificial intelligence infrastructure grew. The selloff in metals coincided with a broader downturn in technology stocks, driven by warnings that the rapid expansion of AI data centers may face financial obstacles.

In the copper market, prices held near $14,600 per tonne. While AI-related demand has been a major driver, recent price movements have also been influenced by US tariff expectations and a strong US dollar. On the supply side, industrial activity in Chile faces disruptions. Codelco’s El Teniente open pit remains closed following a fatal avalanche involving snow, rock, and mud, though underground operations and processing plants continue to function. Additionally, labor negotiations continue between Antofagasta and the Centinela unions.

The correlation between metals and technology was further evidenced by South Korean equity markets, which saw significant declines in tandem with copper price movements, reflecting global sentiment regarding AI hardware and infrastructure investment.