Geopolitical premium fades as peace signals wane, copper prices rebound

Golden Ten Data reported on April 1 that after Trump stated that the Iraq war could end within two to three weeks, triggering a retaliatory rebound in risk assets that had been heavily hit by concerns over global growth, copper prices rose by more than 1%. Except for aluminum, basic metals faced significant downward pressure in March due to Middle East hostilities disrupting commodity supplies and threatening the world economy with inflationary shocks. Although Trump’s latest timetable is not set in stone, his remarks pushed copper prices higher after they plummeted nearly 8% last month. Copper prices performed strongly at the start of this year, setting a new record high of over $14,500 per ton in January.