Copper futures slipped to around $4.81 per pound on Monday, reversing gains from the previous session as escalating geopolitical tensions weighed on market sentiment. The decline followed US airstrikes on three Iranian nuclear facilities over the weekend, marking a major escalation as the US joined Israel in its ongoing conflict with Iran.
The move heightened fears of retaliation from Tehran, including potential disruptions to global oil flows through the Strait of Hormuz. In addition to geopolitical risks, copper faced downward pressure from growing concerns over a possible destocking cycle in the US. Analysts cautioned that once details of President Donald Trump’s new tariffs on copper imports are finalized, US buyers—having front-loaded purchases earlier this year—may sharply cut back on orders, adding to near-term demand uncertainty.
