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Copper Futures Drop Near 3-Week Low at $5.85/lb Amid U.S.-Iran Tensions

GateNews
Commodities
Copper futures stabilized near $5.85 per pound on Tuesday, hovering close to a three-week low after falling over 2% in the previous session, as escalating U.S.-Iran tensions roiled global markets. The U.S. military repelled an Iranian attack while escorting two American-flagged vessels through the Strait of Hormuz, while the Port of Fujairah in the United Arab Emirates was reportedly struck by Iranian drones. A prolonged closure of the Strait of Hormuz poses a major downside risk, potentially triggering energy shocks and dampening industrial demand. Additionally, London Metal Exchange warehouse copper inventories remain near their highest levels since 2013, adding to bearish sentiment.
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