Copper Drops from 1-Month High

2026-03-02 15:27 By Andre Joaquim 1 min. read

Copper futures in the US fell to $5.9 per pound on Monday, inching down from the near one-month high of $6 in the previous session as war in the Middle East triggered a surge in the dollar and hampered the outlook for global manufacturing activity.

Strikes by US forces killed the Supreme Leader of Iran, prompting Tehran to strike multiple allied Middle Eastern countries and their energy infrastructure.

The events lifted energy prices, consequently supporting the US dollar and yields to pressure demand for base metals among major foreign consumers.

Still, prices remained relatively close to their record high of $6.2 touched in the end of January as bullish speculative demand coincides with tight supply.

Funds expect global copper consumption to rise sharply in the next years due to the metal's applications in data centers and electrification technologies.

In the meantime, new mined output is not seen growing in a comparable pace due to decades of underinvestment in the sector.



News Stream
Copper is down by 2.01%
Copper decreased 2.01% to 5.884 USD/Lbs
2026-03-02
Copper Drops from 1-Month High
Copper futures in the US fell to $5.9 per pound on Monday, inching down from the near one-month high of $6 in the previous session as war in the Middle East triggered a surge in the dollar and hampered the outlook for global manufacturing activity. Strikes by US forces killed the Supreme Leader of Iran, prompting Tehran to strike multiple allied Middle Eastern countries and their energy infrastructure. The events lifted energy prices, consequently supporting the US dollar and yields to pressure demand for base metals among major foreign consumers. Still, prices remained relatively close to their record high of $6.2 touched in the end of January as bullish speculative demand coincides with tight supply. Funds expect global copper consumption to rise sharply in the next years due to the metal's applications in data centers and electrification technologies. In the meantime, new mined output is not seen growing in a comparable pace due to decades of underinvestment in the sector.
2026-03-02
Copper Holds Steady Despite MidEast Turmoil
Copper futures were largely unchanged around $6 per pound on Monday, maintaining last week’s gains even as a major escalation in the Middle East conflict rattled financial markets. The US and Israel carried out strikes on Iran over the weekend, resulting in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and prompting the effective closure of the Strait of Hormuz, a key route for roughly one-fifth of global oil shipments and significant natural gas flows. Tehran retaliated by targeting US assets across the region, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria. Copper prices were supported by expectations that top consumer China will introduce new stimulus measures at this week’s annual “Two Sessions” meeting, which convenes from March 4 to around March 11. The government is expected to set economic targets, outline policy plans, and release its 15th Five-Year Plan detailing objectives for 2026–2030.
2026-03-02