FX.co ★ Copper Firms Up on Ceasefire Hopes

Copper climbed above $5.50 per pound on Friday and was on track for its first weekly gain since the start of the Middle East conflict, buoyed by optimism over a potential diplomatic breakthrough between the US and Iran. President Donald Trump extended by 10 days the deadline for possible strikes on Iranian energy infrastructure to allow more time for negotiations, noting that Iran had allowed 10 oil tankers to transit the Strait of Hormuz this week as a gesture of goodwill. Even so, reports indicated that the Pentagon is weighing the deployment of up to 10,000 additional ground troops to the region, a move that would give the White House greater leverage in talks. Copper and other industrial metals have faced pressure this month as the conflict-related disruptions and surging energy prices have intensified worries about inflation and a slowdown in global industrial activity.