Copper futures rose to around $6.4 per pound on Wednesday, extending their recent advance as markets cautiously priced in the prospect of a US‑Iran peace agreement despite ongoing Middle East hostilities. President Donald Trump said talks to prolong the ceasefire and reopen the Strait of Hormuz remain underway, while US Secretary of State Marco Rubio warned that concluding a final deal could still take several days.
Prices were also supported by sustained strength in AI‑linked technology stocks, which has reinforced expectations of stronger industrial demand driven by electrification and data center expansion, particularly in wiring and power infrastructure. On the supply side, persistent worries related to the Middle East conflict — including potential disruptions to sulfur supplies used in copper smelting — provided additional upward pressure on the market.
