Copper prices strengthened on Wednesday after U.S. President Donald Trump pointed to progress in talks aimed at ending the conflict with Iran, helping ease concerns about potential economic disruption. Nickel also extended gains, climbing above the $2,000 mark for the first time in around two years.
Three-month copper contracts on the London Metal Exchange rose 1.1% to $13,134.50 per metric ton by 08:24 GMT, reaching their strongest level since April 27.
Trump said Tuesday that he would temporarily halt the operation escorting vessels through the Strait of Hormuz, adding that “great progress” had been made toward a broader agreement with Iran. Following the comments, global stock markets moved higher, oil prices declined and the U.S. dollar weakened.
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