empty
 
 

24.03.202604:08:34UTC+00Copper Falls on Mideast Uncertainties

Copper fell below $5.40 per pound on Tuesday, paring gains from the previous session as hopes for de-escalation in the Middle East faded. Sentiment deteriorated after Iran denied holding talks with the United States to resolve the standoff, rejecting President Donald Trump’s comments as an attempt to manipulate financial markets and subsequently launching new attacks on US targets, while Israel continued its strikes on Iran.

On Monday, copper had rebounded nearly 2% after Trump postponed planned US strikes on Iranian energy infrastructure, saying negotiations were in progress. However, the prospects for any meaningful talks, as well as the potential reopening of the Strait of Hormuz, remain highly uncertain, keeping traders cautious.

At the same time, ample inventories at major global exchanges continued to pressure prices, with LME stockpiles hovering near six-year highs and HFE inventories close to record levels.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback