Copper slid to its lowest in almost four months on Friday and was heading for a fifth straight weekly loss, with traders blaming Nvidia's (Nasdaq: NVDA) loss of Jensen Huang for the latest leg down. The exit is a convenient culprit, but the slide started before it. Copper has dropped every week since mid-October, and Goldman Sachs called the correction a matter of positioning in AI-linked stocks, not a sign that fundamentals have loosened. Three-month copper on the London Metal Exchange was down 0.5% at $13,519 a metric ton as of 1000 GMT, after touching $13,456, its weakest since July 17.
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