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Copper futures climbed to about $6.10 per pound on Thursday, advancing for a fifth straight session to their highest level since late January. The move was driven by easing concerns over the Middle East conflict, which bolstered expectations for steadier global growth and more resilient industrial demand.
Reports suggest that Washington and Tehran are weighing an extension of their current two-week ceasefire to allow more time for negotiations, even as the Strait of Hormuz remains effectively closed under a dual blockade. Market participants are now focused on a possible second round of US–Iran talks, which is expected to prioritize reopening the strait and addressing Iran’s nuclear enrichment program.
Copper prices also drew support from improving demand signals in China. Official data showed that March imports of copper ore and concentrate increased 6.6% year-on-year, while Chinese fabricators were reported to have stepped up purchases, taking advantage of the recent period of relative price softness.
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