US-Iran De-escalation Fails to Alleviate Geopolitical Uncertainty in Copper Markets
The US-Iran conflict has entered a phase of de-escalation after the US called off airstrikes against Iran, and Iran suspended reciprocal retaliation. Despite this development, geopolitical uncertainty continues to impact copper prices.
Last Friday evening, LME copper opened at $13,638.5/mt, with trading volume reaching 12,600 lots and open interest standing at 248,000 lots, an increase of 728 lots from the previous day.
Meanwhile, the most-traded SHFE copper contract settled at 104,630 yuan/mt, down 0.1%, with trading volume reaching 25,000 lots and open interest decreasing by 34.81 million lots from the previous day.
Copper prices are expected to maintain a narrow, consolidative drift higher today due to ongoing supply tightness and improving demand sentiment.