Why is copper heading for a weekly gain despite renewed fighting between the US and Iran?

Copper is heading for a weekly gain because investors are looking past the mid-week resurgence in Middle East fighting, with the metal up 1% for the week and edging slightly higher on Friday; its performance mirrors that of other risk assets, which have recovered losses since the US launched fresh strikes on Iran earlier in the week.

What role does the Strait of Hormuz play in copper's price outlook amid US-Iran tensions?

A return to all-out war between the US and Iran could disrupt global energy supplies through the Strait of Hormuz, which would risk curbing economic growth and demand for industrial commodities like copper — a metal viewed as a proxy for global growth.

Copper Heads for Weekly Gain as Traders Look Past Iran Flare-Up

Jul 9, 2026

Copper prices rose for a second consecutive week to $13,519 per ton on the London Metal Exchange, as investors looked past Middle East tensions. Market focus shifts to US economic data and potential impacts on global industrial commodity demand.

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