Why did copper prices steady near a record high despite a slight intraday dip?

Copper steadied near its highest close on record because US President Donald Trump dismissed Iran’s peace proposals and declared the ceasefire with Tehran was on 'life support', underscoring the ongoing Middle East conflict deadlock — now in its 10th week — which threatens widespread economic disruption and supports metal prices amid geopolitical risk.

What caused the sharp Monday rally in copper, zinc, and silver prices?

The Monday rallies in copper, zinc, and silver were partly driven by sudden speculation about fuel availability in Peru — a major mining hub — where concerns over diesel supply for miners emerged alongside the Peruvian government's announcement of a $2 billion package to support state-owned refinery PetroPeru; this triggered a 7% surge in silver spot prices to $86.057 an ounce.

Copper Steadies Near Record as Trump Rejects Iran’s Peace Plan

May 11, 2026

Copper prices stabilized near record highs following US President Trump's dismissal of Iran's peace proposals, exacerbating Middle East geopolitical risks. Market dynamics were further influenced by Peru mining fuel concerns and sustained Chinese demand.

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