US copper trades near record on tariff risks, Hormuz speculation

Bloomberg08-05 13:59

Copper futures in New York traded just short of an all-time high as investors awaited a decision on US tariffs while also tracking a push to reopen the Strait of Hormuz.(Aug 5): Copper futures in New ...

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The higher US rates have kept large volumes flowing to American ports, tightening the market elsewhere.\nIn the Middle East, fears over escalation in the US-Iran war have given way to hopes for an agreement to reopen the strait. US President Donald Trump told reporters in Los Angeles that negotiations with Tehran were going well. Along with copper, zinc and aluminium edged higher as the US dollar fell.\nMost commodities including base metals stand to benefit from steps toward resolving the conflict that's rocked global markets this year. The fresh bout of optimism has softened inflation concerns and spurred traders to rein in bets on Federal Reserve interest rate hikes over the rest of 2026. That's positive for industrial materials that are keyed to expectations for global growth.\nOn Comex, copper was up 0.7% at US$6.689 a pound at 9.32am, nearing the record set in May.  \nOn the LME, copper was up 0.2% to US$14,089 a metric tonne after surging on Tuesday to the highest close since May. Other LME metals were mixed, with zinc up 1.3% and nickel down 0.6%. \nUploaded by Arion Yeow","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657070508","isCrawlerRequest":true}