Copper prices jumped sharply in the second week of June, with the metal climbing 1.2% to roughly $13,650 per metric ton on the London Metal Exchange. Over on COMEX, futures did even better, rising 1.8% to approximately $6.39 per pound.
The catalyst: an interim peace agreement between the US and Iran that calmed fears about global economic disruption.
What the deal means for metals
President Donald Trump indicated that a US-Iran agreement could be finalized as soon as the weekend of June 12-13. Pakistani PM Shehbaz Sharif added that an “understanding” had been reached on most issues during discussions, lending credibility to the optimism.
Tehran has not confirmed specific details of the arrangement. But markets, as they tend to do, traded on the expectation rather than the confirmation.
