Metals-Copper prices rise as US-Iran lull calms fears over oil and economic growth

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 0.5% to $3,174 a ton, zinc CMZN3 rose 0.4% to $3,605, lead CMPB3 was up 0.5% at $1,896 and tin CMSN3 climbed 0.5% to $54,075 while nickel CMNI3 retreated 1.1% to $17,180.

“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 the 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.