Copper futures settle higher on US-Iran peace deal optimism
Copper futures settled higher on Monday on optimism that a deal between the US and Iran could eventually be reached. Although the US failed to secure an agreement with Iran over the weekend, leading Trump to announce a blockade targeting Iranian oil shipments, he later indicated that the appropriate people from Iran had called and expressed a strong desire to work a deal. Meanwhile, a softer American currency also makes copper more affordable and attractive to foreign buyers, boosting prices for the industrial metal.
Copper futures for May delivery rose $0.1045 to settle at $5.9905 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.62% at $13,053.50 a ton.
