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(Bloomberg) — Copper climbed, snapping five days of losses, as rising factory output in China boosted sentiment even as traders weighed the possibility of an escalation in the US-Israeli war against Iran.
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Copper and other industrial metals were mostly higher on Thursday, after Chinese factory activity expanded more than expected despite disruptions to supply chains and rising input costs caused by the conflict.
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The red metal had fallen for five straight sessions as the prolonged standoff between the US and Iran continued to disrupt energy flows, driving up inflation and threatening global growth.
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Oil surged to a wartime high on Thursday as pessimism grew about efforts to end the conflict. Axios reported that US President Donald Trump was slated to receive a briefing on new plans for potential military action in Iran.
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A ceasefire has held since early April but recent efforts to get negotiators from the two sides to meet have so far failed, with the US and Iran both maintaining their blockade of the the vital Strait of Hormuz.
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“Copper prices have been under pressure from macro influences,” Chaos Ternary Futures Co. said in a note. The brokerage called for cautious positioning ahead of the Labor Day break in China starting Friday due to “uncontrollable” geopolitical risks from the war.
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Copper was 0.6% higher at $13,088 a ton on the London Metal Exchange as of 10:26 a.m. local time, as other metals traded flat to higher.
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—With assistance from Mark Burton.
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English (US)