Copper Prices Post First Weekly Gain Since Outbreak of Iran Conflict

Deep News02:40

Despite ongoing turmoil in the Middle East, copper prices recorded their first weekly increase this month.

Most industrial metals on the London Metal Exchange (LME) closed higher on Friday, after U.S. President Donald Trump extended the deadline for Iran to either reach an agreement or face further attacks. However, there was no indication that Tehran would accept Washington’s ceasefire demands, and missile exchanges between Iran and the United States and Israel continued.

The conflict, now nearing one month in duration, has weakened economic growth prospects, weighing on base metals. Aluminum was an exception, as the effective closure of the Strait of Hormuz has disrupted approximately 9% of global supply.

For aluminum, Japanese buyers agreed to pay the highest premiums in 11 years due to supply disruptions caused by the Iran conflict. This cost increase is likely to intensify inflationary pressures on factories that rely on the metal.

LME copper prices rose 0.4% to settle at $12,195 per ton, marking a weekly gain of 2.2%. Aluminum prices climbed 0.8%, extending their weekly upward trend.

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