Copper Slightly Higher on Improving Market Sentiment

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• LME Aluminum 3M Select trades $17.75 higher to $3406 at 8:30:26 AM

• LME Copper 3M Select trades $23.50 higher to $13799 at 8:30:26 AM

  • (Bloomberg) – Copper held its recent advance as the US and Iran edged toward an interim accord to end a war that’s roiled metals and rippled through the global economy.  The two sides are set to formally sign their pact at a ceremony in Switzerland this Friday, with details of the agreement still emerging. While there’s skepticism over how quickly the Strait of Hormuz can reopen, oil futures are holding near a three-month low, easing a major threat to global growth.  The improved market sentiment helped copper climb over the previous three sessions, with prices edging higher again on Wednesday to about $13,800 a ton.  An end to the conflict in the Middle East means investors can pay closer attention to some of the more bullish drivers for copper. Citigroup Inc. said earlier this week that the metal had entered a “structurally higher price regime” — and could reach $15,000 within 12 months — as demand from artificial intelligence and clean energy stretches global supplies.  But for the short-term, the most consequential event is an end-of-month deadline for the White House to decide whether to give the go-ahead for import tariffs on refined copper. Investors and traders are positioning for that decision, with futures in New York expanding a premium over prices on the London Metal Exchange.

• CME HRC Steel last traded at $1120 and $-2 lower at 7:56:38 AM

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