Copper futures climbed toward $5.6 per pound on Monday, rebounding from the previous session’s losses as market sentiment improved on hopes for a ceasefire in the Middle East. The US, Iran, and a group of regional mediators are reportedly negotiating terms for a potential 45-day truce that could pave the way for a more lasting resolution to the conflict.

This development helped ease concerns after President Donald Trump recently set a new deadline for Iran and escalated threats against its power plants and other civilian infrastructure if the Strait of Hormuz is not reopened. Copper had been under pressure as rising energy costs and risks of supply disruptions weighed on the outlook for industrial demand and global growth. The metal also remains lower for the year amid ample supply and increasing inventories, with London Metal Exchange stockpiles near six-year highs and Shanghai Futures Exchange holdings close to record levels.

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