Copper headed for a third weekly loss in four as a selloff in technology stocks deepened, sapping risk appetite across markets including for the metal that’s used in data centers and power infrastructure.

Futures traded above $14,150 a ton in London, down almost 2% this week and extending a retreat from a record set in September. The global slump in tech stocks intensified on Friday, as earnings from major companies failed to reassure investors about the durability of the artificial-intelligence trade.

The stock selloff is “putting great pressure” on metals from copper to gold, said Fan Rui, an analyst at Guoyuan Futures Co. “It is affecting short-term sentiment on metals given demand from other sectors remains bland.”Copper remains about 14% higher this year, with gains aided by a major influx of metal into the US on speculation that the Trump administration with introduce a levy on refined metal. Still, there have been some doubts among traders over whether Washington will actually follow through with the move.

On the supply front, output may tighten as Chile’s production is expected to fall 8% to 9% this year, according to Finance Minister Jorge Quiroz. That stands to worsen the outlook for a slump in the top-mining nation, which has seen pits affected by a string of deadly accidents and extreme weather.

In China, a shortage of material is also forcing smelters to deepen production cuts ahead of negotiations on next year’s concentrate supply. Refiners in the country plan to process less concentrate, with some starting maintenance and running at minimal rates, according to people familiar with the matter.

Copper was 0.6% higher at $14,160 a ton on the London Metal Exchange at 10:59 a.m. in Singapore, after swinging between gains and losses. Other metals were mixed, with nickel down 1.5% at $15,875 a ton and zinc marginally higher.