Copper Pressured by Global Growth Concerns

Copper futures fell below $5.3 per pound on Monday, marking their lowest levels in over three months as the prolonged Middle East conflict raised concerns about global inflation and growth, weighing on metal demand.

The US-Israel war with Iran entered its fourth week with no sign of easing, with surging oil prices threatening economic activity and fueling inflation, prompting a hawkish tilt among major central banks.

Markets scaled back expectations for additional Federal Reserve rate cuts this year, while some traders priced in a potential rate hike toward year-end.

The ECB, BOE and BOJ also signaled readiness to tighten policy further if inflation pressures persist.

Meanwhile, lower copper prices prompted some buying from Chinese fabricators, providing modest support.