Copper Prices Steady on Easing Middle East Tensions

Copper prices steadied above $6.3 per pound on Monday after experiencing sharp volatility last week, as easing tensions in the Middle East lifted market sentiment.

The US and Iran suspended strikes against each other over the weekend amid renewed diplomatic efforts, with President Donald Trump reportedly open to restarting peace negotiations.

Oil prices declined sharply, easing concerns about inflation and the interest rate outlook. This in turn had a positive impact on copper prices as it reduced concerns about price increases due to higher oil costs.

Copper also continued to draw support from its strong long-term demand prospects, driven by the global transition to clean energy and the rapid expansion of artificial intelligence data centers.