Copper Prices Soar on Falling Oil Prices and Dwindling Inventories

Copper prices surged to their highest level in over a week as markets responded to falling oil prices and dwindling inventories.

The drop in oil prices, triggered by US President Donald Trump's decision to call off a fresh attack on Iran, has eased concerns about economic growth and demand pressures.

Copper stocks in London Metal Exchange (LME) warehouses have fallen nearly 40% since the end of May to their lowest level since February at 244,025 tons.

The market is also focused on the underlying fundamentals, which remain supportive, with Britannia Global Markets noting that 'the markets continue to be headline-driven as we start the week, with energy markets serving as the primary focal point.'