Wall Street closes at a record for the first time since end of January
Investing.com -- Copper prices rose to their highest in more than a month on Wednesday, as U.S. President Donald Trump’s hint at a potential end to the ongoing U.S.–Iran war helped ease concerns about economic growth and supply constraints for the metal.
Copper futures for May rose 0.20% to $6.09 at 12.25 PM E.T. The metal found in everything from power generation, transmission, and distribution systems to electronic circuitry and telecommunications is up nearly 6% over the past month. The move eased concerns about a prolonged Middle East conflict and its potential impact on global economic growth, lending support to industrial metals.
U.S. President Donald Trump has suggested that the U.S. war with Iran may be coming to a conclusion soon, even as the American military says an ongoing naval blockade has restricted shipping traffic in and out of Iran.
Speaking to Sky News in the U.K., Trump said it was "very possible" that a permanent ceasefire agreement with Iran could be reached before King Charles’s visit later this month. He added that Iran has been "beaten up pretty bad."
Earlier, Trump told Maria Bartiromo of Fox News that the conflict, which began with joint U.S. and Israeli strikes on Iran in late February, is "close to over."
The U.S. and Iran agreed to a tenuous two-week ceasefire that ends on April 21. Bloomberg News reported on Wednesday, citing a person familiar with the matter, that the two countries are looking to extend the ceasefire by two more weeks.
However, the global outlook remains cautious, with institutions like Goldman Sachs and Citi projecting a surplus market and potential price downside amid macroeconomic uncertainties. Trade data also reflects softer demand, with China’s refined copper imports declining, although concentrate imports have increased.