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METALS-Copper dips as oil rallies after Trump flags more Iran attacks
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METALS-Copper dips as oil rallies after Trump flags more Iran attacks
Apr 1, 2026 8:09 PM

SINGAPORE, April 2 (Reuters) - Copper prices fell for

the first time in five sessions on Thursday, weighed down by

renewed concerns over economic growth after U.S. President

Donald Trump failed to provide a clear outline on ending the

Iran war.

The benchmark three-month copper on the London Metal

Exchange fell 0.83% to $12,331.50 a metric ton as of

0146 GMT.

The most-active copper contract on the Shanghai Futures

Exchange lost 0.36% to 91,190 yuan ($13,250.32) a ton.

Stocks fell, the dollar firmed, and oil rose after U.S.

President Donald Trump said Washington's "core strategic

objectives" in the Iran war were nearing completion but stopped

short of providing a clear outline of when the conflict would

end.

The United States will carry out aggressive strikes on Iran over

the next two to three weeks and is nearing completion of its

main strategic objectives in the war, President Donald Trump

said in a prime-time address to the nation on Wednesday.

Analysts say copper prices have increasingly moved inversely to

oil and in line with equities, and a weaker economic backdrop

driven by inflationary fears and supply chain disruptions would

dampen copper demand.

Elsewhere on the LME, aluminium nudged 0.48% lower,

zinc fell 0.74%, lead lost 0.59%, nickel

shed 0.55% and tin softened 2.6%.

Recent arrivals of imported copper at Chinese ports have

weighed on spot discounts, adding to already high inventories

and pressuring Chinese copper prices downward, a note from the

Shanghai Metals Market said.

Among other metals on the SHFE, aluminium ticked 0.16%

higher, zinc edged up 0.72%, lead rose 0.72%,

nickel nudged 0.9% lower and tin lost 2.2%.

Thursday, April 2

DATA/EVENTS

1230 US International Trade $ Feb

1230 US Initial Jobless Clm Mar 28, w/e

($1 = 6.8821 yuan)

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