Copper prices climbed on Wednesday after U.S. President Donald Trump indicated progress toward a potential peace agreement to end the conflict with Iran, reducing concerns about economic impacts. Nickel reached $2,000 for the first time in approximately two years.
Three-month copper on the London Metal Exchange increased 1.1% to $13,134.50 per metric ton by 08:24 GMT, marking its highest level since April 27.
Trump said on Tuesday he would temporarily pause an operation to escort ships through the Strait of Hormuz, citing “great progress” towards a comprehensive agreement with Iran. Following the announcement, stocks rose, oil prices fell, and the dollar declined.
