Copper prices rise as US-Iran lull calms fears over oil and economic growth
CPER•Other base metals
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.
U.S. tariffs and copper flows
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 prices fall
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.
Supply concerns and warehouse stocks
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.
Oil prices tumbled as the pause in fighting raised hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz.
