Copper hovered around $5.60 per pound on Tuesday, trading in a tight range for the fourth consecutive session as investors focused on President Donald Trump’s deadline for Iran to accept a deal or face attacks on civilian infrastructure. Trump warned he could target Iranian power plants and bridges if his conditions are not met by 8 p.m. Eastern Time on Tuesday, including the reopening of the Strait of Hormuz. His ultimatum overshadowed indications that the US and Iran may be edging closer to a ceasefire agreement through mediators.
At the same time, Goldman Sachs highlighted short‑term downside risks for copper if the Strait of Hormuz remains closed, noting that elevated energy costs could drag on global economic growth. Copper prices also remain lower on a year‑to‑date basis amid abundant supply and rising inventories, with London Metal Exchange stockpiles hovering near six‑year highs and Shanghai Futures Exchange holdings close to record levels.