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2026.04.2304:25:23UTC+00Copper Retreats on Middle East Uncertainties

Copper futures retreated toward $6 per pound on Thursday after touching near two-month highs in the previous session, as stalled US–Iran peace efforts and ongoing disruptions in the Strait of Hormuz kept energy prices elevated and inflation risks in focus. Tehran continues to control the strategic waterway and reportedly fired on commercial vessels this week, while the US blockade of Iranian ports remains in place, maintaining pressure on the Islamic Republic.

Copper and other industrial metals have come under pressure from inflation concerns that could trigger tighter monetary policy, as well as from mounting growth risks that may weaken global industrial demand. Even so, the downside has been partly limited by restocking in China ahead of the Labor Day holiday from May 1 to 5. Official data also showed that Chinese smelters produced a record 1.33 million tons of refined copper in March.

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