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.
