FREEPORT INDONESIA CEO: TARGETS 2026 OUTPUT OF 1.1 BILLION POUNDS OF COPPER CATHODE, 0.8 MLN OZ OF GOLD

Copper declined and a key aluminum spread widened as US President Donald Trump’s pledge to blockade the Strait of Hormuz increased uncertainty across metals markets already pressured by a six-week Middle East conflict. The collapse of US-Iran negotiations in Pakistan over the weekend, followed by Trump’s announcement of a naval blockade of the key maritime chokepoint, reversed a brief period of market optimism. Metals face downside risk from weaker demand as surging energy prices weigh on global growth, though aluminum has been supported by supply constraints linked to the conflict.

PAKISTAN, EGYPT, TURKEY WILL CEONTINUE TALKS WITH US, IRAN:AXIOS