Copper Prices Defy Mid-Week Pullback with Weekly Gain in Sight

Copper prices are expected to end the week on a high note despite a mid-week pullback, which was triggered by an escalation in the Middle East conflict and its impact on inflation fears.

The benchmark three-month copper contract on the London Metal Exchange (LME) held steady at $13,609.5 per metric ton as of 0300 GMT, up 0.11% from the previous session.

However, prices have come off their mid-week highs due to recent developments in the Middle East, which have weighed on demand outlook and copper prices. The Yangshan copper premium, a gauge of interest in importing metal to China, has retreated from its multi-year high in the previous session.

The conflict has also led to an increase in Brent crude oil prices, with the benchmark ticking above $100 per barrel for the first time since May.