Copper Futures Maintain Uptrend on Improving Middle East Outlook

Copper futures rose to around $6.1 per pound on Thursday, marking a fifth consecutive session of gains and reaching the highest level since late January. The rally was driven by easing concerns over Middle East tensions, which strengthened expectations for more stable global growth and improved industrial demand.

Reports indicated that Washington and Tehran are considering extending the current ceasefire for an additional two weeks to allow more time for negotiations, although the Strait of Hormuz remains largely restricted by both sides.

Market attention is now shifting toward the possibility of a second round of talks between the United States and Iran, expected to focus on reopening the shipping route and addressing Iran’s nuclear enrichment program.

Copper prices were also supported by signs of improving demand in China, as data showed that imports of copper ore and concentrates in March increased 6.6% year-on-year.

In addition, Chinese manufacturers were reported to have stepped up purchases, taking advantage of the recent price correction.
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Source: Trading Economics