Copper Sinks to 3-Month Low

Copper futures rose to around $6.1 per pound on Thursday, extending gains for a fifth consecutive session to reach their highest level since late January, as easing concerns over the Middle East conflict supported expectations for steadier global growth and industrial demand. Reports indicated Washington and Tehran are considering extending their two-week ceasefire to allow additional time for negotiations, even as the Strait of Hormuz remains effectively closed under a dual blockade. Market attention has now shifted to a potential second round of US-Iran talks, expected to focus on reopening the strait and addressing Iran’s nuclear enrichment program. Copper prices also found support from firmer demand signals in China, where data showed March imports of copper ore and concentrate rose 6.6% year-on-year. Chinese fabricators were also reported to have increased purchases, taking advantage of recent price softness.

Copper futures climbed toward $6.1 per pound on Wednesday, hitting more than two-month highs and fully recovering losses since the start of the Middle East conflict amid growing optimism over US-Iran diplomacy. Washington and Tehran are reportedly preparing a second round of talks before the current two-week ceasefire expires, boosting expectations for a potential de-escalation and reopening of the Strait of Hormuz. Oil prices eased on prospects of a possible agreement, helping to relieve inflationary pressures and growth concerns that have recently weighed on industrial metals. In Chile, the new government is aiming to accelerate copper production beyond earlier forecasts by streamlining permitting procedures and advancing regulatory reforms. Meanwhile, Chilean miner Antofagasta Plc is also exploring early-stage opportunities in Argentina amid shifting regional policy conditions.

Copper futures traded near $6 per pound on Tuesday, hovering around six-week highs as the US and Iran signaled readiness to resume negotiations aimed at securing a longer-term ceasefire before the current two-week truce expires. President Donald Trump said Tehran had reached out to Washington just hours after the US launched a naval blockade on Iranian oil shipments in the Strait of Hormuz. Oil prices eased on expectations of a potential agreement, helping reduce inflationary and growth concerns that have recently pressured industrial metals markets. In Chile, the new government is seeking to accelerate copper output beyond earlier projections by streamlining permitting processes and implementing regulatory reforms. In corporate developments, Chilean miner Antofagasta Plc is also exploring early-stage opportunities in Argentina amid broader policy shifts.