Copper Prices Surge as Traders Weigh Prospect of US-Iran Deal

Copper prices surged 1.5% to $13,690 a ton on the London Metal Exchange, with nickel up 0.8% and zinc rising 1.6%, as traders weighed the prospect of a US-Iran deal to end three months of war that has weighed on global economic outlook. Chinese copper miners rallied sharply, with Zijin Mining jumping as much as 9.8% in Hong Kong (its biggest gain since 2023), CMOC gaining over 14%, and Jiangxi Copper rising up to 10.6%. A potential reopening of the Strait of Hormuz, resilient Chinese demand, falling domestic inventories, and a bullish Jefferies upgrade reinforced the upward momentum, with Beijing's 2 trillion yuan plan for nationwide computing networks cited as a long-term demand catalyst.