Base metal prices fall as U.S.-Iran negotiations unsettle investors
Base metal prices slipped on Wednesday as uncertainty grew around the U.S.-Iran negotiations.
President Trump said he wasn't happy with how talks were going, and the US dismissed reports of a quick deal that could reopen the key Strait of Hormuz.
Investors are now worried about what this means for the global economy, with copper down 0.7% and aluminum, despite its big gains since February, dipping by 1%.
Aluminum leads despite supply disruptions
Even with recent losses, aluminum is still leading among base metals this year.
But things aren't smooth: drone strikes in the Middle East have damaged two major smelters, cutting regional production by millions of tons.
Analysts say global supply could shrink by 3%, and efforts from China and Indonesia haven't been enough to make up the gap.