Copper futures climbed to around $6.4 per pound on Wednesday, with copper prices extending recent gains as investors cautiously responded to signs of possible progress in US-Iran peace negotiations despite continued tensions in the Middle East.
President Donald Trump stated that discussions aimed at extending a ceasefire and reopening the Strait of Hormuz are still ongoing. Meanwhile, US Secretary of State Marco Rubio noted that a final agreement may still require several more days of negotiation.
The upward momentum in copper prices was also supported by continued strength in AI-related technology stocks. Growing investment in artificial intelligence infrastructure, data centers, and electrification projects has reinforced expectations for stronger industrial demand, particularly for wiring and power transmission systems.
On the supply side, concerns linked to the Middle East conflict continued to support the market. Traders remain cautious about potential disruptions to sulfur supplies, a key material used in copper smelting processes, which could tighten global supply conditions further.
