Copper has continued to dip along with other industrial metals after the US launched new strikes in the Persian Gulf, amidst stalled negotiations to wrap up the war with Iran. This is reported by Bloomberg.
In recent weeks, base metals have been trading in a tight range: investors are keeping an eye on the talks to end the conflict, which has fueled inflation and worsened global economic growth prospects.
U.S. forces conducted airstrikes on an Iranian military site, but a U.S. representative characterized the attacks as defensive, stating Washington aims to maintain the ceasefire that came into effect last month. Meanwhile, Kuwait reported it is intercepting missile and drone threats.
In the copper market, traders worldwide are once again scouting for metal to supply to the U.S. amid renewed speculation over import tariffs, the threat of which has previously led to stock outflows from other regions.
Copper dipped by 0.1% to $13,515 per ton on the London Metal Exchange as of 11:25 AM Shanghai time, marking its third consecutive day of decline. Nickel fell 0.8% to $18,785 per ton, while zinc decreased by 0.3% to $3,502 per ton.