Copper Prices Retreat from Record Highs Amid Middle East Tensions

Copper prices retreated from record highs on Wednesday after hostilities in the Middle East escalated and oil prices rose above US$100 a barrel.

The metal had reached an all-time high of US$14,779 on Tuesday but slipped 0.5% to US$14,630 (RM59,509) a metric ton on the London Metal Exchange (LME).

Copper has gained 25% since hitting a three-month low in March due to tight supplies outside the US.

Ewa Manthey, a commodities strategist at ING, said that copper is easing from record highs as investors become more cautious about the macro outlook.