铜价延续上周跌势，因人工智能股票进一步承压，削弱了风险偏好，市场静待美联储货币政策会议。
Copper extended last week’s drop as artificial intelligence stocks came under further pressure, sapping risk appetite ahead of the Federal Reserve’s policy meeting.
这种用于数据中心和电力基础设施的金属周一在伦敦盘中最多下跌0.6%，此前已连续第二周下跌。投资者为大型科技公司更多财报出炉以及近期AI交易面临的压力是否会持续寻找线索，股市持续挣扎。
The metal used in data centers and power infrastructure fell as much as 0.6% in London on Monday, following a second weekly decline. Stocks continued to struggle as investors braced for more earnings from megacap tech companies and clues on whether the recent strains on the AI trade will persist.
投资者在美联储周三召开会议前，也在权衡顽固高企的能源价格。市场定价显示，央行在本次会议上加息的概率近10%，尽管年底前加息的押注要强得多，超过70%。更高的借贷成本是经济增长和大宗商品需求的逆风因素。
Investors are also weighing stubbornly high energy prices ahead of the Fed meeting on Wednesday. The market is pricing in a nearly 10% chance that the central bank will raise rates then, although bets of a hike before year-end are much stronger at over 70%. Higher borrowing costs are a headwind for economic growth and commodities demand.
尽管如此，由于国内产量下降以及预期进口关税导致全球金属流向美国，中国铜供应依然紧张。作为进口铜需求指标的洋山溢价延续涨势，升至2017年有数据以来的最高水平。
Still, copper supplies in China remain tight due to falling domestic output and the global flow of metal to the US in anticipation of import tariffs. The Yangshan premium, a gauge of demand for imported copper, extended gains to its highest level in data going back to 2017.
五矿期货有色金属研究主管吴坤进表示，对美国最终是否会征收关税的疑虑，以及进入冬季后中国消费走弱，可能有助于缓解市场的紧张状况。
Doubts that the US will end up imposing levies, and weakening Chinese consumption going into winter, could help ease the market’s tightness, said Wu Kunjin, head of base metals research at Minmetals Futures Co.
截至上海时间上午11:37，伦敦金属交易所铜价下跌0.5%至每吨14,247.50美元。其他金属持平至下跌，铝下跌0.4%，镍下跌0.9%。
Copper fell 0.5% to $14,247.50 a ton on the London Metal Exchange as of 11:37 a.m. in Shanghai. Other metals were flat to lower, with aluminum down 0.4% and nickel falling 0.9%.