Copper hits month high on possible U.S.-Iran dialogue hopes
Copper just hit its highest price in a month, with traders excited over possible diplomatic talks between the US and Iran.
Prices on major exchanges soared, nearing $13,100 per metric ton in London and topping 101,000 yuan in Shanghai.
Strong demand from China and a weaker US dollar are also pushing prices up, while metals like aluminum, nickel, and zinc are riding the same wave.
Supply and geopolitical drivers for metals
A mix of global politics and market pressures is behind this rally. Hopes for U.S.-Iran dialogue could ease trade worries and boost confidence.
At the same time, supply hiccups, like concerns that China may curb exports in the coming months and higher energy costs, are making copper even pricier.
Aluminum is feeling the impact of Middle East supply issues, while Indonesia's new rules are helping nickel climb too.
All these factors have made industrial metals a hot topic right now.