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IPC Index — Mexico MarketCopper futures steadied around $5.75 per pound on Friday and were on track for a third consecutive weekly advance, supported by optimism that the US-Iran ceasefire will hold and eventually lead to a reopening of the Strait of Hormuz. The potential reopening of the vital waterway is expected to ease investor concerns over inflation and slowing global industrial activity, which have clouded metals demand. Investors are now focused on diplomatic talks in Islamabad this weekend, where Vice President JD Vance will lead a US delegation in meetings with Iranian officials. However, sentiment remained fragile amid Israeli strikes in Lebanon and continued disruptions in the Strait of Hormuz that could undermine the peace process. At the same time, markets were weighed by rising copper inventories, with stockpiles in LME warehouses climbing to an eight-year high, signaling subdued demand conditions.
