Copper Set for Third Weekly Gain

2026-04-10 04:08 By Jam Kaimo Samonte 1 min. read

Copper futures steadied around $5.75 per pound on Friday and were on track for a third consecutive weekly advance, supported by optimism that the US-Iran ceasefire will hold and eventually lead to a reopening of the Strait of Hormuz.

The potential reopening of the vital waterway is expected to ease investor concerns over inflation and slowing global industrial activity, which have clouded metals demand.

Investors are now focused on diplomatic talks in Islamabad this weekend, where Vice President JD Vance will lead a US delegation in meetings with Iranian officials.

However, sentiment remained fragile amid Israeli strikes in Lebanon and continued disruptions in the Strait of Hormuz that could undermine the peace process.

At the same time, markets were weighed by rising copper inventories, with stockpiles in LME warehouses climbing to an eight-year high, signaling subdued demand conditions.



News Stream
Copper Set for Third Weekly Gain
Copper futures steadied around $5.75 per pound on Friday and were on track for a third consecutive weekly advance, supported by optimism that the US-Iran ceasefire will hold and eventually lead to a reopening of the Strait of Hormuz. The potential reopening of the vital waterway is expected to ease investor concerns over inflation and slowing global industrial activity, which have clouded metals demand. Investors are now focused on diplomatic talks in Islamabad this weekend, where Vice President JD Vance will lead a US delegation in meetings with Iranian officials. However, sentiment remained fragile amid Israeli strikes in Lebanon and continued disruptions in the Strait of Hormuz that could undermine the peace process. At the same time, markets were weighed by rising copper inventories, with stockpiles in LME warehouses climbing to an eight-year high, signaling subdued demand conditions.
2026-04-10
Copper Retreats on Ceasefire Concerns
Copper futures dropped 1% to around $5.7 per pound on Thursday, giving back gains from the previous session as a fragile US-Iran ceasefire weighed on risk sentiment. A senior Iranian official said elements of the ceasefire proposal had already been breached following fresh Israeli strikes on Lebanon, while Tehran continued to largely block the Strait of Hormuz. On Wednesday, copper had surged nearly 4% after the US, Israel, and Iran agreed to a two-week ceasefire aimed at enabling negotiations for a potential resolution to the conflict. The temporary reopening of Hormuz is expected to ease investor concerns over inflation and slowing global industrial activity, which have clouded metals demand. Earlier this week, Goldman Sachs noted near-term downside risks for copper if the critical waterway remained closed, as higher energy costs could weigh on global economic growth.
2026-04-09
Copper Gains on 2-Week Ceasefire
Copper futures jumped over 3% to $5.7 per pound on Wednesday, hitting a three-week high after Iran agreed to temporarily reopen the Strait of Hormuz as part of a two-week ceasefire with the US and Israel, easing demand concerns. President Donald Trump said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations,” with the two-week window allowing the potential agreement to be finalized and implemented. The temporary reopening of the strategic waterway is expected to ease investor concerns about inflation and slowing industrial activity globally, which have clouded the demand outlook for metals. Earlier this week, Goldman Sachs highlighted near-term downside risks for copper if the Strait of Hormuz remained closed, as elevated energy costs could weigh on global economic growth.
2026-04-08