Copper Falls as US-Iran Conflict Weighs

Copper futures fell below $6.2 per pound on Friday, hitting a one-week low as the escalating conflict between the US and Iran triggered a broad selloff across metals markets. The US launched multiple strikes against Iran this week, while Tehran retaliated by targeting US bases in neighboring countries, driving oil prices higher and keeping inflationary risks in focus. Investors are increasingly concerned that central banks may keep interest rates elevated for longer or even raise them further to contain inflation. Still, copper prices found some support from mounting supply concerns after a powerful storm struck top producer Chile, causing widespread power outages and significant damage. In addition, Antofagasta reported this week that first-half copper production fell 9.5% to 285,000 tonnes due to lower output at two key mines. BHP also warned that its Chilean production is expected to decline next year, while the IEA flagged tightening sulphuric acid supplies.