Copper futures climbed toward $5.90 per pound on Wednesday, snapping a two-day losing streak and tracking a broader rebound across the metals complex as investors closely followed developments in the Middle East. The US–Israeli war on Iran entered its fifth day, with US President Donald Trump warning that the strikes could usher in a new Iranian leadership as problematic as the previous regime, underscoring the conflict’s uncertain trajectory.
Earlier in the week, copper prices had come under pressure as escalating tensions in the Middle East strengthened the US dollar and clouded the outlook for global manufacturing demand. At the same time, traders pared back expectations for Federal Reserve interest rate cuts, now largely pricing in the next reduction for September rather than July.
Investors also remained focused on policy signals from China’s ongoing “Two Sessions” meetings, looking for clues on potential stimulus and its implications for industrial metals demand.
