Copper Extends Gains on Mideast Optimism

Copper futures rose to around $6.1 per pound on Thursday, extending gains for a fifth consecutive session to reach their highest level since late January, as easing concerns over the Middle East conflict supported expectations for steadier global growth and industrial demand. Reports indicated Washington and Tehran are considering extending their two-week ceasefire to allow additional time for negotiations, even as the Strait of Hormuz remains effectively closed under a dual blockade.

Market attention has now shifted to a potential second round of US-Iran talks, expected to focus on reopening the strait and addressing Iran’s nuclear enrichment program. Copper prices also found support from firmer demand signals in China, where data showed March imports of copper ore and concentrate rose 6.6% year-on-year. Chinese fabricators were also reported to have increased purchases, taking advantage of recent price softness.