Copper futures stabilized near $5.85 per pound on Tuesday, but remained close to three-week lows after sliding more than 2% in the previous session, as escalating US–Iran tensions rattled global markets and raised concerns over demand. US forces repelled Iranian attacks while escorting two US-flagged vessels through the Strait of Hormuz, while the UAE’s Fujairah port was reportedly targeted in an Iranian drone strike. A major downside risk for industrial metals is an extended shutdown of the Strait of Hormuz, which could intensify the energy shock and prompt central banks to adopt a more hawkish policy stance, which may dampen manufacturing output and reduce demand for industrial commodities. On the supply side, copper stocks in warehouses monitored by the LME are still close to their highest levels since 2013, adding to the bearish outlook.

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