Copper prices rise as US-Iran lull calms fears over oil and economic growth
XLB•Other base metals also move
Elsewhere, the market was watching aluminium stocks which have fallen to their lowest this century as supply constraints in the war-hit Middle East force consumers to draw down inventories.
Aluminium CMAL3 gained 0.2% to $3,167 a ton, zinc CMZN3 rose 0.5% to $3,611, lead CMPB3 was up 0.5% at $1,892 and tin CMSN3 climbed 1.1% to $54,380 while nickel CMNI3 retreated 0.8% to $17,240.
Copper rises as oil falls on easing Middle East tensions
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 was up 0.6% at $13,733 a metric ton at 1606 GMT.
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.
