Copper Rises to Over 2-Month High

2026-04-17 15:00 By Andre Joaquim 1 min. read

Copper futures in the US rose to above $6.1 per pound, the highest in over two months and tracking the increase in most industrial metals as signals of restored trade through the Strait of Hormuz improved the outlook of manufacturing activity and pressured the dollar.

Iranian authorities stated that commercial vessels crossing the Strait of Hormuz will no longer be targeted, backing hopes of restored fuel supply from the region and improving operation costs for major manufacturers, which supports demand for industrial metals.

In the meantime, the softer pivot to safety drove the US dollar to depreciate, supporting bidding for foreign consumers.

Physical demand had already been supported by China as firms enter their restocking season.

Longer-term demand was also supported by growing investment in electrification investments in grids, datacenters, and electric cars.



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