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Copper slipped as traders awaited fresh peace talks between the United States and Iran and the outlook for United States monetary policy as the Federal Reserve takes a hawkish stance on inflation.
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Prices fell 0.6 per cent to US$13,278.50 a metric ton in London. U.S. President Donald Trump said peace talks with Iran are set to resume on Tuesday in Doha, after both sides agreed to halt a series of tit-for-tat attacks over the Strait of Hormuz.
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Copper is down 2.6 per cent this month, after posting a record close in May. In addition to the Middle East conflict, traders are tracking the outlook for U.S. monetary policy, after Fed policymakers signalled growing support for interest-rate hikes in the coming months to combat sticky U.S. inflation. That stance tends to aid the dollar, posing a headwind for raw materials.
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Fed Bank of Richmond President Tom Barkin warned on Sunday that inflation was too high, although he did see tentative signs that price pressures may moderate soon. A report last week showed the personal consumption expenditures index rose 4.1 per cent in the year through May, the most since April 2023.
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A strong dollar will remain in place amid resilient U.S. economic data, pressuring base metals, said Harry Jiang, a trader at China-Base Ningbo Group Co.
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Elsewhere, Goldman Sachs Group Inc. said it saw the Iran conflict ultimately aiding metals demand. An increased reliance on electric vehicles, further investments in renewable power, higher defence spending and growing competition to win the artificial-intelligence race are themes that would support copper demand, analysts including Samantha Dart said in a note.
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The bank recently raised its end-2026 and average 2027 copper forecasts to US$13,735 a ton and US$13,800 a ton, respectively.
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All other industrial metals except zinc were lower, with aluminum down 2.9 per cent and nickel falling 2.3 per cent.
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—With assistance from Mark Burton and Yvonne Yue Li.
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