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- LME Aluminum 3M Select trades $20.50 higher to $3513 at 8:09:48 AM
- LME Copper 3M Select trades $139.25 higher to $13531.50 at 8:09:51 AM
- (Bloomberg) – Copper rallied towards a record high struck in January, extending a strong weekly gain built on rising hopes that an end to the Iran conflict is in sight. Prices rose as much as 1.7% to $13,619 a ton on the London Metal Exchange, reaching the highest level since its brief surge to a record of $14,527.50 a ton during an exceptionally volatile day of trading on January 29. It’s closing record on that day was $13,618 a ton. The move came even as the US and Iran clashed near the Strait of Hormuz, in an escalation that threatens to further fracture a fragile ceasefire as the two sides discuss a proposal to end to the war. Iran is expected to send a response via mediator Pakistan. An agreement to end the conflict would help to shore up confidence in the demand outlook for industrial metals, but traders are also factoring in rising risks to supply as tensions drags on.
- CME HRC Steel last traded at $1076 and $0 lower at 5/7/2026
Price Indications
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