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METALS-Copper eases from over seven-week high on dollar strength, peace deal uncertainty
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METALS-Copper eases from over seven-week high on dollar strength, peace deal uncertainty
Apr 23, 2026 12:24 AM

(Updates prices by Asian market close)

April 23 (Reuters) - Copper eased on Thursday from over

seven-week highs, as the U.S. dollar strengthened and risk

appetite came under pressure amid uncertainties surrounding the

Middle East peace talks.

The benchmark three-month copper on the London Metal

Exchange lost 0.23% to $13,292.50 a metric ton as of 0700 GMT,

after pulling 0.36% higher to $13,481.50, the highest since

February 27.

And the most-active copper contract on the Shanghai

Futures Exchange closed daytime trading 0.30% higher to 102,780

yuan ($15,046.33)a ton, paring gains after rising as much as

1.65%.

The earlier gains were thanks to U.S. President Donald Trump

extending a ceasefire with Iran and renewed premium of Comex

copper prices over the LME benchmark.

Thursday's whipsaw move came as the outlook for the

ceasefire and the prospect of an Iran peace deal remained

uncertain.

Iran has yet to confirm the extension, and the U.S.

continued its blockade of Iranian ports, a move that is

considered the main choke point by the Iranian negotiators for

further talks.

Adding to the lack of confidence was Iran's latest move to seize

ships in the Strait of Hormuz, tightening its grip on the key

waterway.

Oil price jumped, with the Brent future climbing

above $100 a barrel. Higher energy prices hurt the outlook for

industrial metals by fanning inflation and growth fears.

Rising concerns about a shortage of sulphuric acid are

pointing to supply constraints in copper.

China's customs data showed its sulphuric acid export to its

biggest overseas acid market, Chile, had dried up in March, even

before China's export ban kicked off in May, leaving the world's

top copper-producing country in a squeeze on the supply of the

chemical used to make around half of its refined metal.

Elsewhere, French miner Eramet is planning to halt

production at its Weda Bay nickel mine in Indonesia next month

as its mining allowance is set to expire, it said on Thursday.

The Shanghai most active nickel contract flipped

into the green, closing up 0.27% to 141,630 yuan a ton, and the

London benchmark declined 0.53% to $18,365.

Among other metals on the LME, aluminium dipped

0.30%, zinc and tin dropped 0.69%, while lead

shed 0.66%.

On SHFE, aluminium dipped 0.12%, zinc

added 0.52%, lead dropped 0.63%, and tin shed

0.23%.

($1 = 6.8309 Chinese yuan renminbi)

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