Copper Nears Record High as Traders Tune Out Trump's Iran Rejection
EIA Gives Oil Traders a New Way to Panic About Hormuz Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, Copper is defying the 'war discount' usually applied to industrial metals, nearing an all-time high on Monday as a brutal supply crunch proves more powerful than the threat of a global recessionThe three-month contract on the London Metal Exchange climbed as much as 0.5% to $13,643 a ton, its strongest intraday print since the January 29 spike that briefly carried prices above $14,500,according to Bloomberg.
The rally extended across the LME complex.
Aluminum jumped more than 2%, nickel added 1.9%, and the exchange's all-in price gauge closed Friday at a record.
Metals are now solidly higher on the year despite the sharp selloff that hit the complex in the opening weeks of the war, when investors braced for an economic shock that hasn't fully materialized.
Copper is up roughly 10% since the end of 2025.
President Donald Trump rejected Iran's latest counterproposal as "totally unacceptable" over the weekend, calling the ceasefire that took effect April 8 "unbelievably weak" and "on life support,"NBC News reported.
Tehran has insisted on full sovereignty over the Strait of Hormuz, war reparations, the release of frozen Iranian assets, and an end to Washington's naval blockade as conditions for reopening the waterway.
About one-fifth of global oil and gas flows are stuck behind that dispute.
Oil markets are still trading on every headline.
Brent closed Friday near $100 a barrel after starting the war in late February at $73.
"The market has moved on from the impact of the US-Iran conflict, and copper has its own distinct price trend now," Jia Zheng, a trading manager at Suzhou Chuangyuan Harmony-Win Capital Management, told Bloomberg.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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