Copper prices climbed to their highest levels in more than three months on Monday as growing concerns over constrained supply outweighed worries about weaker demand linked to uncertainty surrounding the Iran conflict.
Benchmark three-month copper on the London Metal Exchange advanced 1.3% to $13,573 per metric ton by 1030 GMT, marking its strongest level since January 29.
Copper Extends Winning Streak
The industrial metal was on pace to record a sixth straight session of gains, its longest upward streak since December.
Copper prices have now risen around 10% since the start of the year.
Prices Remain Below January Highs
Despite the recent rally, copper continues to trade below the record highs reached earlier in January.