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(Bloomberg) — Copper slumped as traders awaited the next developments in the Middle East, with the potential for renewed hostilities pushing up oil prices and hurting sentiment in equities markets.
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Metals fell after fluctuating earlier in the session, with copper slipping as much as 1.3% to $13,474 a ton.
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The price move followed President Donald Trump’s comments that the US was making progress toward a peace deal with Tehran, though he added a warning that his forces could resume attacks in coming days if no agreement is reached. Iran said its retaliation to any renewed strikes would extend beyond the Middle East.
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Metals have swung in recent days as investors weighed uncertainty over the US-Iran standoff. Copper closed at a record high on May 13, fueled by optimism about an end to hostilities as well as enthusiasm for commodities linked to the growth of artificial intelligence, clean energy and strategic stockpiles.
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A rebound in US equities also faltered on Thursday, while China’s key Shanghai Composite stock index fell 2%, the biggest daily decline in two months, led by a selloff in technology stocks. The market is witnessing a stronger correlation between high-tech equities and copper as investors seek exposure to artificial intelligence. That also makes copper sensitive to swings in market sentiment.
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Iron ore fell 1.5% to $105.70 a ton in Singapore, down for a sixth day to mark its longest losing streak since February. The steelmaking ingredient may fluctuate lower in the near term as global seaborne shipments rise, while Chinese steel sales slow heading into the summer lull, Chaos Ternary Futures Co. said in a note.
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