Copper futures jumped nearly 3% toward $5.7 per pound on Wednesday, hitting a three-week high after Iran agreed to temporarily reopen the Strait of Hormuz as part of a two-week ceasefire with the US and Israel, easing demand concerns. President Donald Trump said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations,” with the two-week window allowing the potential agreement to be finalized and implemented. The temporary reopening of the strategic waterway is expected to ease investor concerns about inflation and slowing industrial activity globally, which have clouded the demand outlook for metals. Earlier this week, Goldman Sachs highlighted near-term downside risks for copper if the Strait of Hormuz remained closed, as elevated energy costs could weigh on global economic growth.

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