Copper futures climbed to around $6.4 per pound on Monday, reaching their highest level in more than a week as investor sentiment strengthened on signs that the US and Iran were moving closer to a deal that could reopen the Strait of Hormuz, easing concerns over inflation and further interest rate hikes. Still, President Trump said Washington would maintain its blockade of the Strait of Hormuz until a formal agreement is finalized, adding that he would not “rush” into a deal. Copper prices also continued to draw support from the strong rally in AI-related technology stocks since the beginning of May, reinforcing expectations for higher demand tied to electrification and wiring needs in data centers. Additional support came from the global transition toward clean energy, which is expected to sustain long-term copper demand. At the same time, supply concerns linked to the Middle East conflict, particularly shortages of sulfur used in copper smelting, continued to underpin prices.

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