02.04.202603:17:32UTC+00Copper Slips on Renewed Geopolitical Risks

Copper futures slipped below $5.6 per pound, pulling back from a two-week high amid renewed concerns about global economic growth after US President Donald Trump failed to provide a clear timeline for ending the conflict with Iran. Trump said Washington’s main objectives in the confrontation were close to being achieved, but he offered no specific schedule for winding down the war and warned that the US could still strike Iran “extremely hard” over the next two to three weeks. He also stated that the US does not need the Strait of Hormuz, predicting it would reopen naturally once tensions ease, though ongoing worries about the strategic waterway kept energy markets volatile. Copper, which has recently traded inversely to oil, came under pressure as higher energy costs and elevated supply disruption risks clouded the demand outlook. The metal is down roughly 10% year-to-date, pressured by ample supply and rising inventories, with LME stockpiles hovering near six-year highs and SHFE holdings close to record levels.