Copper prices bounced on Friday after a sharp decline in the previous session as stock markets stabilised and the build-up of inventories slowed.

Three-month copper on the London Metal Exchange CMCU3 gained 1.8% to $14,334 a metric ton by 1615 GMT, having slid 1.9% to a five-week low in the previous session.

Metals markets were supported as a rout in global tech shares eased after concerns over the enormous funding needs of AI had hammered Wall Street.

“Today we’ve got the Nasdaq futures bouncing after that selloff yesterday and that’s probably why we’re seeing some metals investors getting back in,” said Ole Hansen, head of commodity strategy at Saxo Bank in…