Copper holds gain as traders track prospects for US-Iran deal

Copper held a gain as investors monitored progress toward a possible deal to end three months of war in the Middle East.

The industrial metal was little changed near $13 680 a ton on the London Metal Exchange, having risen more than 1% on Friday. The LME was closed Monday for a public holiday.

US President Donald Trump said negotiations with Iran over an interim deal to extend a ceasefire and reopen the Strait of Hormuz were “proceeding nicely,” while Pakistani military chief Asim Munir — the main interlocutor between the warring sides — told China an agreement was “close to being reached.”

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Optimism that a deal could be near was curbed, however, after US Central Command said American forces had struck missile-launch sites in Iran and vessels that it said were trying to place mines. The attack took place south of Larak Island and several Iranian personnel were killed, Iran’s state-run Nour News reported, without providing further details.

Copper has risen to near-record highs this month, supported by hopes for a peace deal that would ease inflation concerns as well as a flurry of bets on skyrocketing power use for artificial intelligence. Among its many uses, the metal is a crucial component in the data centers that power AI projects.

Copper edged up 0.1% to $13 680 a ton on the LME as of 11:07 a.m. in Shanghai. Other metals were mixed, with aluminum down 0.2% at $3 644 a ton and nickel falling 1.3%. Zinc gained 0.7% to $3,567 a ton.

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