US-Iran Ceasefire Lifts Copper Prices Amid Oil Price Relief

Copper prices have surged as concerns about oil price pressures and global economic growth ease following the US-Iran conflict ceasefire. Benchmark copper on the London Metal Exchange rose by 0.32% to $13,688.5 a metric ton.

The suspension of hostilities between the two nations has led to a decrease in oil prices, which in turn has alleviated fears about price pressures and global economic growth. Analyst Tom Price said that 'the market is now waiting for some sort of resolution and it is trying to price in peace rather than an ongoing war.'

Additionally, copper production guidance across the industry is under scrutiny due to unusual storms in Chile, which accounted for 23% or 5.3 million tons of mined copper production globally last year.