Copper climbs to 13,695/ton after Iran and Israel pause strikes
Business
Copper prices ticked up 0.6% to 13,695 per ton after Iran and Israel agreed to pause strikes, calming worries about a bigger conflict that could slow down the global economy.
Tin and other industrial metals also got a boost from the news.
Jefferies predicts $6.50/lb copper by 2027
Analysts at Jefferies see strong demand ahead, predicting copper could reach $6.50 per pound by 2027 and average $8 per pound by 2030-31.
China's exports jumped more than 19% in May thanks to surging AI hardware demand, adding more fuel to the outlook for metals.
Still, investors are playing it safe: US Federal Reserve rate-hike fears and recent tech-stock selloffs have kept trading cautious, with copper open interest on the Shanghai Futures Exchange hitting its lowest since last September.