Copper falls with most metals as Iran war keeps traders on edge

Copper fell along with other base metals as investors monitored the uncertainty surrounding US-Iran negotiations to possibly end the war.

The US has insisted talks are ongoing while Iran has publicly rejected President Donald Trump’s outreach. The war, now nearing the one-month mark, has raised concerns about inflation and slowing industrial activity across the world, clouding the demand outlook for metals.

Confusion over the direction and duration of the conflict is keeping some traders on the sidelines.

“I have exited positions on base metals futures,” said Aces Zhou, a Shanghai-based trader at KS Commodities. “At this price level, I tend to wait for the geopolitical story to be done first and wait for another trading topic.”

Still, investors are monitoring recovering demand in China after copper prices slipped 8% this month due to the Iran war.

“It will be very comfortable for some fabricators to buy at current price level” as the country’s robust exports, especially of power equipment, drive demand, Zhou said.

Copper on the London Metal Exchange fell 1.1% to $12 179 a ton as of 10:37 a.m. in Shanghai and aluminium declined 0.7%. Nickel steadied following a jump of 2.3% on Wednesday, after the world’s top producer Indonesia approved taxes on exports of the battery metal.

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