Hormuz Hopes Push Copper to Near-Record Highs

Copper futures on the Comex have risen nearly to an all-time high as investors await a decision on US tariffs and track developments in the Strait of Hormuz.

The metal has gained around 17% this year, outperforming London Metal Exchange prices.

This surge is due in part to traders positioning for potential announcements on import levies and higher US interest rates keeping large volumes flowing to American ports.

However, a push towards resolving the conflict in the Middle East has lifted demand for risk assets and softened inflation concerns.