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Copper held near record closing levels after Trump rejected Iran’s peace proposals and said the ceasefire was on “life support,” highlighting a prolonged Middle East conflict now in its 10th week. Copper traded at $13,938 a ton after a 2.7% jump Mond

2026-05-12

Copper held near record closing levels after Trump rejected Iran’s peace proposals and said the ceasefire was on “life support,” highlighting a prolonged Middle East conflict now in its 10th week. Copper traded at $13,938 a ton after a 2.7% jump Monday, while aluminum fell 0.7% and zinc stayed near a three-year high. Despite disruption risks around the Strait of Hormuz, metals have remained supported by strong Chinese demand, with analysts expecting copper resilience. RBC noted China’s ability to absorb higher prices remains a key factor.

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