Copper hits 2-week high after U.S.-Iran cease-fire news on LME
Copper just hit its highest price in two weeks after news broke about possible cease-fire talks between the US and Iran.
The metal climbed 1.3% on the London Metal Exchange, closing at $13,701.50 per ton.
Traders are feeling upbeat, hoping the truce could boost global growth and help with inflation.
Global X ETF logs 21,000 spreads
The cease-fire buzz set off a market rally: US stocks are near record highs and the oil rally waned.
Investors grabbed 21,000 bullish options spreads on the Global X Copper Miners ETF, betting big on copper's future.
Zinc and nickel also got a lift, rising 1.1% and 0.8% respectively.
U.S.-Iran cease-fire could boost metals demand
If this deal ends conflict in the Middle East, it might ease inflation pressures and ramp up demand for metals worldwide, good news for industries that rely on copper and other materials to keep things moving.