Copper futures dropped below $5.7 per pound on Monday, hitting multi-week lows amid fears that the conflict in the Middle East could last longer than anticipated and lead to sustained economic disruption. Oil topped $100 for the first time since 2022, stoking worries that higher energy costs could slow global growth and reignite inflation. The US-Israeli war with Iran entered its second week with no resolution in sight, while US President Donald Trump demanded Tehran’s unconditional surrender. Copper also came under pressure from a rallying dollar, as investors flocked to the currency as a safe store of value and revised expectations on Federal Reserve policy due to renewed inflationary risks. In top consumer China, annual inflation jumped to a three-year high in February, partly driven by Lunar New Year holiday spending.
