Metals-Copper rises as LME, Shanghai inventories fall; oil steadies
XLB•Oil steadies after sharp drop
Oil prices steadied after plunging in the previous session, as concerns over Middle Eastern supply persisted despite U.S. President Donald Trump saying talks with Iran were under way.
Brent crude futures LCOc1 rose more than 1% on Tuesday. But that's after dropping 7% on Monday to a three-week low.
Trump said on Monday that negotiations were taking place and described them as Iran's "last chance" to reach an agreement. However, Iran’s foreign ministry denied that talks were being held or that any meetings were scheduled.
Shipping through the Strait of Hormuz remains disrupted, leaving copper vulnerable to risks to energy supplies and transport costs.
Other base metals move higher
Elsewhere, nickel rebounded after leading losses on Monday. The benchmark nickel on the LME CMNI3 rose 1.61%, while the most-active nickel contract on the Shanghai exchange SNIcv1 climbed 1.55%.
