Copper futures rose above $6.5 per pound on Monday, edging back toward record highs as risk appetite improved following reports that the US and Iran reached an agreement to end the conflict and reopen the Strait of Hormuz. Oil prices fell to a two-month low after the announcement, easing concerns over stronger inflation and tighter monetary policy that had weighed on demand expectations for industrial metals. Copper also remained supported by longer-term demand themes tied to artificial intelligence and the energy transition, along with uncertainty around potential US import tariffs. Jefferies expects elevated copper prices to persist for longer than previously projected, pointing to an average annual supply deficit of 491,000 tons through 2030 and a slower-than-expected recovery at the Grasberg mine.

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