Copper prices moved higher on Monday, hitting their strongest level in over three months as tightening supply conditions continued to support the market despite lingering uncertainty surrounding the Iran conflict.
Three-month copper futures on the London Metal Exchange climbed 1.3% to $13,573 per metric ton by 1030 GMT, their highest level since late January.
Market Heads Toward Longest Winning Run Since December
The latest advance put copper on course for a sixth consecutive day of gains, which would mark the metal’s longest rally since December.
Copper has now gained roughly 10% since the beginning of the year.
Prices Still Below Earlier Peaks
Even with the recent upward momentum, copper prices remain below the highs recorded in January.
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