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2026-05-29 17:41:59
[Copper Prices Rise 5.3% Monthly, Then Slightly Retreat; Uncertainty Over Iran Deal Limits Upside] ⑴ Three-month copper on the London Metal Exchange fell 0.1% to $13,690 per tonne on Friday, after rising 1.3% in the previous session. So far this month, LME copper prices have risen 5.3%, mainly driven by hopes of an end to the Iran war and signs of stabilizing demand. ⑵ Thursday's copper price rebound stemmed from news of an agreement between the US and Iran to extend the ceasefire and lift shipping restrictions in the Strait of Hormuz, but Trump has not yet approved it, and Iranian state media also stated that the agreement has not been finalized. The head of commodity strategy at Saxo Bank said that today's decline in copper prices was mainly due to profit-taking, and the slight upward trend of the past two weeks is stalling. ⑶ US Comex copper futures fell 0.2% to $6.44 per pound, a premium of 3.7% or $511 per tonne over LME copper prices. Analysts pointed out that an agreement would open up room for further copper price increases, while any breakdown in negotiations could reignite inflationary pressures and limit upside. Meanwhile, the continued flow of metals into the US market helps tighten the overall global supply, providing support for future prices.
