Copper futures climbed above $4.75 per pound on Monday, recovering some losses from the prior session as broader market sentiment steadied despite ongoing geopolitical tensions. The conflict between Israel and Iran continued over the weekend, with both nations striking each other’s energy infrastructure, pushing oil prices higher and reinforcing inflationary concerns.
The developments are expected to keep the Federal Reserve cautious, with the central bank widely anticipated to hold rates steady on Wednesday. Markets also currently see no likelihood of a rate cut in July. In China—the world’s largest copper consumer—recent data painted a mixed economic picture. Retail sales in May exceeded expectations, while industrial production came in below forecasts, suggesting uneven momentum in the post-pandemic recovery.
