Copper futures climbed toward $6.10 per pound on Wednesday, reaching their highest level in more than two months and fully erasing losses incurred since the onset of the Middle East conflict. The rally was driven by mounting optimism over US-Iran diplomacy, as Washington and Tehran are reportedly preparing a second round of talks before the current two-week ceasefire expires. This has raised expectations for a potential de-escalation and the reopening of the Strait of Hormuz.
Oil prices eased on hopes of a possible agreement, helping to alleviate inflationary pressures and easing growth concerns that have recently weighed on industrial metals. In Chile, the new government is seeking to accelerate copper output beyond earlier projections by streamlining permitting processes and advancing regulatory reforms. At the same time, Chilean miner Antofagasta Plc is exploring early-stage opportunities in Argentina, taking advantage of shifting policy conditions across the region.
