Copper futures fell below $5.8 per pound on Friday, marking a third consecutive session of losses as the dollar strengthened amid the ongoing war in the Middle East and surging oil prices. The US-Israeli war with Iran showed no signs of easing, with oil prices jumping after Iran’s new supreme leader, Mojtaba Khamenei, pledged to keep the Strait of Hormuz effectively closed while Tehran intensified attacks on regional oil and transport facilities. Heightened forward-looking inflation risks dampened expectations for Federal Reserve rate cuts, with forecasts now pointing to only one reduction later this year, supporting the dollar. In corporate news, Chinese firm Jiangxi Copper completed the acquisition of SolGold, securing control of the Cascabel copper-gold porphyry project and the company’s broader exploration portfolio in Ecuador, strengthening China’s presence in the country’s strategic resources.
