FX.co ★ Copper Prices Rise as Market Sentiment Stabilizes

Copper futures saw a rise, surpassing $4.75 per pound on Monday, as the market stabilized despite persistent geopolitical tensions. Over the weekend, the ongoing conflict between Israel and Iran resulted in both nations targeting each other’s energy infrastructure. This escalation pushed oil prices higher and fueled inflation concerns. These factors are likely to make the Federal Reserve exercise caution, with expectations that the central bank will maintain the current interest rates at its meeting on Wednesday. Additionally, the market currently anticipates no possibility of a rate cut in July. In China, the leading global consumer of copper, recent economic data offers a mixed outlook. While retail sales in May surpassed expectations, industrial production fell short of predictions, indicating a variable pace in the country's recovery from the pandemic.