Copper futures in the US rose past $5.6 per pound, extending the rebound from the three-month low of $5.34 in late March as de-escalatory rhetoric from US and Iranian authorities regarding their war improved the outlook for global manufacturing. Both US and Iranian presidents called for the end of the war should their respective conditions be met, raising hopes that an eventual resolution to the conflict would restart energy exports from the Persian Gulf and prevent a global stagflation crisis.

Besides improving the outlook for factory activity, the pullback in the dollar on lower safety demand supported dollar-priced commodities. Still, copper remained 10% lower since the start of the year, as ample supply dimmed speculative bets that mining output will not keep up with datacenter and grid construction. Stockpiles at LME warehouses were close to their highest in six years, and those at the SHFE were near their highest on record.

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