(Bloomberg) — Copper climbed after President Donald Trump said the US will postpone planned strikes on Iranian energy infrastructure for five days following the start of talks with Tehran about ending hostilities.
Trump’s comments caused ructions across financial markets, with stocks and bonds rallying while the dollar retreated and oil plunged as much as 14%. Copper jumped the most in almost two months in London before settling 2% higher to $12,167 a metric ton, as Iranian news outlets reported that there have been no negotiations with the US.
The metal — viewed as a bellwether for the global economy — had earlier slumped to the lowest level in more than three months as the war in the Middle East sapped risk appetite across financial markets and heightened concerns about global inflation and growth.
The conflict, now in its fourth week, has pushed oil and gas prices higher, threatening to weigh on economic activity worldwide and fuel inflation, potentially forcing central banks to adopt a more hawkish stance on interest rates.
Still, traders are also monitoring signs that the recent slump in copper prices has stoked demand in China, with inventories declining sharply over the past week, according to Mysteel Global. Refined copper inventories across the country fell by 78,700 tons in the week through Monday to 486,200 tons, in the biggest weekly drop this year, the researcher said.
All other industrial metals except aluminum advanced.
–With assistance from Yvonne Yue Li.
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