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(Bloomberg) — Copper edged lower and iron ore declined for a fifth day as concerns mount that global central banks will take a hawkish turn to fight inflation stemming from the war in the Middle East.
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The red metal fell as much as 0.5% to touch $13,350 a ton in London, its lowest since May 8, while iron ore futures shed as much as 0.9% to hit $106.80 a ton in Singapore.
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Turmoil in global bond markets has dragged metals lower as the stalemate between the US and Iran threatens to intensify the energy shock sweeping the world. Treasuries climbed to their highest since 2007 as speculation grows for a rate hike from the Federal Reserve.
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“Expectations for rate cuts in major economies have faded after the inflation surge,” said Wei Ying, analyst with China Industrial Futures Ltd.
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Metals had rallied earlier in May, with copper hitting a record close and iron ore notching its highest since 2024. But that’s given way to caution as the Iran crisis persists. US President Donald Trump on Tuesday threatened the Islamic Republic with a “big hit” if it doesn’t agree a peace deal, although he has previously backed off after similar warnings.
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Mixed data on China’s economy has also muddied the outlook. Figures released earlier this week showed a marked slowdown in local consumption, with exports no longer enough to ease domestic headwinds. Fixed-asset investment made a surprise return to contraction.
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“Global growth is largely driven by capital expenditure on artificial intelligence and other technologies, while traditional industries stay weak,” China Industrial’s Wei said.
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Copper was down 0.2% at $13,390 by 11:34 a.m. Shanghai time, while other base metals fell on the London Metal Exchange. Iron ore on the Singapore Exchange fell 0.7% to trade at $107 a ton.
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