Copper fell for a second session, joining declines across base metals, after
oil's third straight gain heightened concerns about the global growth outlook.
LME three-month copper, which closed at a record high last week, slipped below
$14,200/tonne. Escalation in US–Iran violence and renewed uncertainty over
reopening the Strait of Hormuz supported crude. Industrial metals were strong in
August on tight supply; copper is up nearly 4% for the month. A hawkish speech
by Fed Chair Kevin Wash on Friday, combined with the geopolitical flare-up,
pushed markets to price a higher probability of Fed rate hikes to rein in
inflation — a dynamic that could slow growth and curb industrial commodity
demand.
