Copper Prices Rise Amid De-escalation of US-Iran Tensions
Copper prices have rebounded on Monday as tensions between the US and Iran de-escalate, causing oil prices to drop. The benchmark three-month copper contract on the London Metal Exchange rose by 0.26% to $13,681 a metric ton at 0300 GMT.
The most-traded copper contract on the Shanghai Futures Exchange also gained 0.27% to 105,010 yuan ($15,515.43) a ton. The US has paused its airstrikes on Iran after 13 consecutive nights of attacks, and Tehran has agreed to halt its retaliatory strikes.
The oil market has been under pressure due to rising tensions in the Middle East, with Brent crude falling by over 4% on Monday. This decline has given some relief to copper prices, which are often impacted by expensive energy costs that can lead to inflation and higher interest rates.