Copper prices moved higher on Wednesday after U.S. President Donald Trump signalled progress toward a possible peace deal with Iran, easing investor concerns over the broader economic fallout from the conflict. Nickel prices also climbed, reaching the $2,000 level for the first time in roughly two years.
Three-month copper futures on the London Metal Exchange rose 1.1% to $13,134.50 per metric ton by 08:24 GMT, marking their highest level since April 27.
Trump said Tuesday that he would temporarily suspend the operation escorting ships through the Strait of Hormuz, citing “great progress” toward a comprehensive agreement with Iran. Following the announcement, global equities advanced, oil prices retreated and the U.S. dollar weakened.