Copper barely budged near all-time highs while the closure of US markets for Labor Day cooled risk-taking and thinned activity. Market participants also weighed a fresh exchange of strikes involving the US and Iran alongside optimism around artificial intelligence. Across the LME complex, aluminum gained 0.6% and zinc 0.7%, while nickel slipped 0.4%.
The metal is up more than 16% so far this year as traders navigate supply strains tied to potential US tariffs, with large shipments of stock flowing into the US over the past year. A softer dollar has provided support, while hopes for rising copper demand in data centers and in electrical grids tied to the AI buildout have added momentum.
Alastair Munro of Marex, a senior base metals strategist, said he remains positive on copper and anticipates new highs in the coming weeks, noting that recent dips have tended to reward buyers.
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If you're trading commodities or miners, near-record prices with subdued holiday liquidity can mean sharper moves on headlines. For longer-term investors, structural demand from data infrastructure and grid upgrades remains a key theme to watch.
