LME Copper Falls $534 to $14,234/Tonne as Base Metals Sell Off

The synchronized nature of the sell-off across all six LME base metals, plus cobalt, points to a macro-driven de-risking rather than any single-metal supply or demand shock. Copper's outsized dollar decline relative to aluminium and lead suggests the red metal is carrying the heaviest positioning unwind, which matters because copper is the benchmark for industrial-cycle sentiment — and for the RWA tokenization narrative that leans on metals as collateral. The open question is whether this is a one-session liquidation or the start of a broader repricing of industrial demand expectations.