Copper prices extended their rally on Tuesday, climbing to their highest levels in more than three months as traders reacted to ongoing supply concerns and strengthening technical momentum.
Three-month copper futures on the London Metal Exchange rose 2.7% to $13,943 per metric ton by 1013 GMT, building on Monday’s record closing level.
The latest gains came even as geopolitical uncertainty surrounding the Iran conflict continued to weigh on broader market sentiment. U.S. President Donald Trump said Tuesday that the ceasefire with Iran was “on life support,” reducing expectations for a near-term peace agreement.