Copper futures slipped to below $5.6 per pound, retreating from a two-week high amid renewed concerns over economic growth after US President Donald Trump gave no clear timeline for ending the Iran conflict. Trump said Washington’s core objectives in the conflict were nearing completion, but gave no clear timeline for ending the war, while warning that the US could still strike Iran “extremely hard” over the next two to three weeks.

He added that the US did not need the Strait of Hormuz, suggesting it would reopen naturally once tensions ease, though concerns over the waterway kept energy markets volatile. Copper, which has recently moved inversely to oil, came under pressure as higher energy costs and supply disruption risks clouded the demand outlook. The metal is also down about 10% year-to-date, weighed by abundant supply and rising inventories, with LME stockpiles near six-year highs and SHFE holdings close to record levels.

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