Copper held steady near $5.5 per pound on Tuesday but remained on track to lose nearly 10% in March, marking its worst monthly performance since July last year. Copper and other industrial metals have come under sustained pressure this month as disruptions from the Middle East conflict and surging energy prices raised concerns about inflation and slowing global industrial activity. Copper miners are also expected to face higher costs and weaker profitability due to heightened uncertainties surrounding the Iran war and the effective closure of the Strait of Hormuz. The conflict has disrupted oil and LNG shipping, affecting copper operations that rely heavily on these energy sources. Many mining sites depend on diesel-powered machinery, while processing mills typically rely on stable grid power to refine ore.
