Copper drops from three-week high as US and Iran exchange fire

Copper fell from a three-week high amid pessimism over the outlook for a deal to end the Iran war.

Three-month futures dropped below $14 000 a ton, after gaining 3% in the week’s opening two sessions. Tensions remained high in the Middle East amid an uptick in strikes, including an Iranian attack on Kuwait and the US targeting Qeshm Island.

Copper has been buffeted by the conflict, which has fuelled expectations for rate hikes to combat inflation, a move that stands to dampen demand for industrial metals.

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Traders are also on alert this month for a US tariff decision that may see the administration impose a duty on copper imports. Ahead of that, stockpiles of the red metal in the country have surged, tightening other markets.

Copper fell 0.9% to $13 916 a ton on the London Metal Exchange, after closing at $14 040.50 on Tuesday, the highest since May 13. Aluminium was little changed at $3 742.50 a ton, holding near a four-year high as disruptions to Gulf supplies tighten the global market.

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