Copper prices fell alongside other base metals on Thursday, October 15, 2026, after stronger-than-expected U.S. consumer price data boosted expectations of more aggressive tightening by the Federal Reserve, according to Bloomberg. In early trading, LME Copper 3M Select was down $178 at $14,313 at 9:34 AM, based on the AEGIS Hedging Metals First Look. Bloomberg reported that U.S. inflation ran at its fastest pace in five months in data released on Wednesday.
The print raised the odds of further interest rate hikes by the Fed in the coming months, an outcome that could weigh on metals by hurting demand and raising manufacturing costs. A risk-off tone swept markets, with technology stocks bearing the brunt. The Bloomberg Dollar Index climbed to its highest level since May 2025 on Wednesday.
Copper reached a record high last month but has since wavered amid uncertainty over the Fed's policy path. Guangzhou Futures said in a note that the U.S. CPI data was well beyond forecasts, strengthening inflation expectations and pressuring copper prices.
Other metals also fell on the LME, with aluminum touching its lowest level since last year, Bloomberg said. Copper is still up more than 15% in 2026, following a large flow of metal into the United States ahead of anticipated import tariffs, which left markets elsewhere underserved. Optimism over demand from artificial intelligence infrastructure has also supported copper, but Bloomberg noted that this leaves the metal exposed to headwinds if sentiment in that sector deteriorates.
AI stocks were among the biggest losers on Thursday as investors moved away from risk. Bloomberg reported that South Korea's equity benchmark fell nearly 8%, entering a bear market, as investors grew nervous about the sustainability of spending on the technology. Bloomberg also noted that a decline for copper at the close would mark the metal's third daily drop, the longest such stretch since June.
Mining equities also weakened. BHP Group shed more than 3% in London, while Antofagasta Plc dropped 7% after its output missed estimates, according to Bloomberg. Supply concerns eased somewhat.
BHP reached a preliminary agreement with employees to avert a strike at the Escondida mine in Chile, although the deal is still subject to union approval. Bloomberg noted that Chile's copper output has struggled this year. Analysts at Sucden Financial said in a note: "We expect the firm dollar and renewed rate pressure to keep the complex defensive, with copper's remaining supply risks offering only very limited support." In steel, CME HRC Steel last traded at $1,285, $9 higher, as of October 14, 2026, according to the same AEGIS Hedging market update.
Sources: Bloomberg; AEGIS Hedging Metals First Look (October 15, 2026); Guangzhou Futures (research note); Sucden Financial (research note).
Source: aegis-hedging.com