Copper heads for its worst week since March. What it means if you’re holding scrap

Copper is on course for its worst week since March. LME copper was down 1.3% on Friday morning and heading for a weekly fall of around 3.4%.

What’s behind it

This one is about sentiment more than supply. CRU’s chief analyst Craig Lang said copper is increasingly being moved by how the market feels about AI and data centre expansion, which is a big source of future demand. Tech shares fell after the US midterm results raised fears of tighter AI regulation, and copper followed them down.

It isn’t only one week either. Copper futures hit a 17-week low on Thursday, their lowest level since July, and are down about 6.2% over the past four weeks. That fits what our Monday market reports have been showing: copper has been drifting lower for a while.

Why it isn’t a collapse

The physical market is still tight. Copper stocks in Shanghai-monitored warehouses fell by more than 24% in the week, to their lowest in nearly three years. The Yangshan premium, which reflects demand for Chinese copper imports, matched its record high. Chinese smelters are working with negative treatment charges, a sign of how short of material they are. Lang warned against assuming a lasting correction.

So the pull is in both directions. Sentiment is pushing prices down while tight supply is holding them up. Nobody can call the bottom, and anyone who says they can is guessing.

What it means for sellers

If you’re sitting on copper pipe, cable or other non-ferrous waiting for a bounce, that’s a bet on direction, not a sale. Plenty of trades hold material back for the Christmas weigh-in, and that’s fine. The point is to know where you stand before then.

Listing now lets you see what buyers will quote today, without committing to sell. Compare more than one quote, then sell when a price works for you. If the market bounces, you’ll see it in the next quotes you get.

Add a photo, the material, the weight and your location, and let buyers quote their best price. It’s free to use.

List your scrap on ScrapBays.

Sources: Asharq Al-Awsat via UA.NEWS, 6 Nov 2026 · Trading Economics, Copper, 5–6 Nov 2026