Copper Prices Rise as Oil Falls on Iran-US Hostilities Pause

Copper prices rose on Monday as oil prices fell after the US and Iran suspended hostilities, easing concerns about price pressures and global economic growth.

Benchmark copper on the London Metal Exchange traded 0.9% up at USD13,770 a metric ton in official rings.

The pause in fighting raised hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz, said Panmure Liberum analyst Tom Price.

Copper stocks in LME-approved warehouses have dropped 30% since the end of May, while producers and traders have been shipping copper to the United States since February last year due to President Donald Trump's import tariffs threat.