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Copper futures fell 1% to around $5.7 per pound on Thursday, erasing gains from the previous session as a fragile US-Iran ceasefire dampened risk appetite. A senior Iranian official said parts of the ceasefire proposal had already been violated following new Israeli strikes in Lebanon, while Tehran continued to largely restrict traffic through the Strait of Hormuz.
On Wednesday, copper had jumped nearly 4% after the US, Israel, and Iran agreed to a two-week ceasefire intended to facilitate negotiations toward a possible resolution of the conflict. The partial reopening of Hormuz is expected to ease investor worries about inflation and weakening global industrial activity, both of which have weighed on metals demand.
Earlier this week, Goldman Sachs highlighted near-term downside risks for copper if the key shipping corridor were to stay shut, warning that higher energy costs could drag on global economic growth.
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