Copper futures traded steady near $6 per pound on Monday, holding on to last week’s gains even as a sharp escalation in the Middle East conflict unsettled global financial markets. Over the weekend, the United States and Israel launched strikes on Iran that resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and led to the effective closure of the Strait of Hormuz—a critical chokepoint for about one-fifth of the world’s oil shipments and a substantial share of natural gas exports. In response, Tehran struck US-linked assets across the region, including in the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria.
Despite the geopolitical turmoil, copper prices found support from growing expectations that China, the world’s largest consumer of the metal, will unveil additional stimulus at this week’s annual “Two Sessions” meetings, taking place from March 4 to around March 11. During the gathering, Beijing is expected to set key economic targets, outline its policy priorities, and present the 15th Five-Year Plan, which will define development goals and strategies for the 2026–2030 period.
