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(Bloomberg) — Copper rallied and mining equities surged after President Donald Trump claimed the US was on the cusp of ending the war with Iran that has clouded prospects for the global economy.
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Trump said the pact isn’t finalized but an agreement could be signed as soon as this weekend, although there’s been no confirmation from Iran. Axios reported that US and Iranian negotiators have agreed the text of a deal that would extend their ceasefire for 60 days and address Iran’s uranium stockpiles.
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The potential end to hostilities triggered broad gains for metals and sent Chinese copper miners including Zijin Mining Group Co. and CMOC Group Ltd. higher amid a spike in trading activity.
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An agreement after more than three months of war would offer relief to metals that otherwise stand to benefit from growing investment in artificial intelligence, power infrastructure and renewable energy. Demand for copper in China has proved relatively resilient, while the prospect of US tariffs on the metal also offers upside risk for LME prices.
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A more stable macroeconomic environment will help prices rebound toward levels seen earlier this year, said Jia Zheng, trading manager at Suzhou Chuangyuan Harmony-Win Capital Management Co. China’s domestic copper inventories have continued falling and orders from downstream manufacturers have been robust, she said.
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Copper rose 1.7% to $13,712 a ton by 11:38 a.m. Shanghai time, while aluminum gained 1.2% and zinc rose 1.1%. Zijin, China’s biggest miner of both copper and gold, jumped as much as 9.8% in Hong Kong for its biggest gain since 2023, while CMOC gained more than 14% at one point and Jiangxi Copper Co. rose as much as 10.6%.
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Long-term demand prospects for copper are increasingly driving optimism for prices. Jefferies Financial Group Inc. earlier this week delivered a bullish upgrade to its copper forecasts, while adding that a global recession would be a major risk. A plan by Beijing to spend around 2 trillion yuan ($295 billion) over the next five years on nationwide computing networks underscored the bullish demand outlook.
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