Fed hawkish signals and a firmer dollar are denting industrial-metals sentiment,
pushing copper lower. LME three-month copper slid toward $13,300/tonne after a
two-week decline. Fed officials have signaled further rate hikes in coming
months to tackle persistently high inflation; the dollar last week hit its
strongest level since November. Markets are also monitoring the prospect of
Trump administration tariffs on refined metals. Separately, Goldman Sachs said
the Iran conflict should ultimately boost metals demand, citing rising EV
uptake, expanded renewables investment, higher defense spending and intensified
AI-related industrial activity. Goldman raised its year-end 2026 and 2027
average copper forecasts to $13,735/tonne and $13,800/tonne, respectively.
