2026.06.1004:20:56UTC+00Copper Remains Under Pressure

Copper futures fell below $6.30 per pound on Wednesday, erasing gains from earlier in the week as mounting geopolitical tensions in the Middle East and rising expectations of further central bank rate hikes weighed on the outlook for industrial metals. The US carried out “self-defense strikes” against Iran in response to the downing of an American helicopter, a move that threatens to derail peace efforts and has intensified concerns about inflation and higher borrowing costs. Investors were also awaiting the latest US inflation figures, after stronger-than-expected employment data last week bolstered expectations that the Federal Reserve could raise interest rates again later this year. At the same time, Jefferies projected that copper prices will remain elevated for longer than previously anticipated, citing an average annual supply shortfall of 491,000 tons through 2030 and a slower-than-expected production recovery at the Grasberg mine.