13.04.202604:15:23UTC+00Copper Drops on US Hormuz Blockade

Copper futures fell more than 1% to below $5.80 per pound on Monday, paring last week’s gains after President Donald Trump announced plans to blockade the Strait of Hormuz following the collapse of US-Iran negotiations over the weekend, injecting fresh uncertainty into metals markets. Talks in Pakistan ended without an agreement as Washington accused Tehran of refusing to give up its nuclear ambitions, while Iran was reported to have demanded control over the Strait of Hormuz, war reparations, a regional ceasefire, and access to frozen overseas assets. The protracted conflict in the Middle East, which has driven energy prices sharply higher, has darkened the outlook for global growth and industrial activity. Copper prices were further pressured by rising inventories, with stockpiles in LME warehouses climbing to an eight-year high, signaling weakening demand conditions.