Copper’s AI Tailwind Faces Supply and Demand Uncertainty

At LME week, Amy Gower of Morgan Stanley said copper traders lack conviction about the metal’s direction. Copper has tracked AI stocks closely, although AI is still a small share of demand; uncertainty over possible U.S. import tariffs is also drawing large volumes of copper into the country and could redirect supply from other markets. Gower said mine supply is expected to fall this year, with further risks next year from project recoveries and potential strikes in Chile and the U.S. Other poss