Copper steadied around $5.6 per pound on Tuesday, holding within a sideways range for a fourth straight session as investors focused on President Donald Trump’s deadline for Iran to strike a deal or face attacks on civilian infrastructure. Trump warned he could target Iranian power plants and bridges if his conditions are not met by Tuesday 8 p.m. Eastern Time, including reopening the Strait of Hormuz.

This overshadowed signs that the US and Iran may be moving closer to a ceasefire agreement through mediators. Meanwhile, Goldman Sachs flagged near-term downside risks for copper if the Strait of Hormuz remains closed, as elevated energy costs could weigh on global economic growth. The metal also remains down for the year amid ample supply and rising inventories, with London Metal Exchange stockpiles near six-year highs and Shanghai Futures Exchange holdings close to record levels.

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