Copper prices rise as US-Iran lull calms fears over oil and economic growth
XLB•Other London Metal Exchange prices
In other metals, aluminium CMAL3 gained 0.6% to $3180 a ton, zinc CMZN3 rose 0.8% to $3,619, lead CMPB3 was up 0.4% at $1,894 and tin CMSN3 climbed 1.4% to $54,545 while nickel CMNI3 was little changed at $17,375.
Chile storms and low warehouse stocks support prices
“Chile has been hit by unusual storms, putting pressure on the power distribution grid and raising questions about copper production guidance across the industry.”
Chile accounted for 23%, or 5.3 million tons, of mined copper production globally last year, according to U.S. Geological Survey.
Traders said the market was also focused on copper stocks in LME-approved warehouses. At 272,975 tons, stocks have dropped 30% since the end of May.
Producers and traders have been shipping copper to the United States since February last year, when President Donald Trump threatened import tariffs, creating a premium for U.S. copper over LME prices.
The U.S. Commerce Department was due to complete a review of the copper market by June 30, but Trump has not yet announced a decision on tariffs.
“The movement of copper into the United States tightens short-term supply elsewhere because that is what inventories are: short-term supply,” Panmure Liberum's Price said.
Copper rises as oil falls on easing US-Iran tensions
LONDON, July 27 (Reuters) - Copper prices rose on Monday as oil prices fell after the U.S. and Iran suspended hostilities, easing concerns about price pressures and global economic growth.
Benchmark copper CMCU3 on the London Metal Exchange traded 0.9% up at $13,770 a metric ton in official rings.
After 13 nights of intensifying U.S. airstrikes on Iran, the Pentagon suspended the campaign on Friday. Iran, which had been following each night of U.S. attacks with its own strikes on neighbouring countries that host U.S. bases, has held fire for two days.
