Copper Falls as Traders Assess AI Trade, US-Iran Diplomacy Hopes

(Bloomberg) — Copper slumped to a seven-week low as traders assessed the artificial-intelligence trade and the prospects of diplomacy in the Middle East conflict.

The red metal slipped 2.2% on the London Metal Exchange to settle at $14,036 a metric ton on Tuesday, the lowest since Sept. 14. Comex copper fell 2.5% to settle at $6.4020 a pound. A drop in oil on unconfirmed reports of peace talks progress in the US-Iran conflict pushed bond yields and the dollar higher, weighing on metals priced in the US currency, like copper.