US-Iran Hostility Pause Lifts Copper Prices Amid Ongoing Market Uncertainty

Copper prices rose on Monday as oil prices fell after the US and Iran suspended hostilities, easing concerns about price pressures and global economic growth.

Benchmark copper on the London Metal Exchange was up 0.32% at $13,688.5 a metric ton at 0700 GMT.

The pause in fighting raised hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz, causing oil prices to tumble.

Analyst Tom Price said 'The market is now waiting for some sort of resolution and it is trying to price in peace rather than an ongoing war.'