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METALS-Copper retreats as ceasefire doubts lift oil, revive slowdown concerns
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METALS-Copper retreats as ceasefire doubts lift oil, revive slowdown concerns
Apr 9, 2026 1:37 AM

(Updates prices as of 0746 GMT)

April 9 (Reuters) - London copper fell on Thursday from

a three-week high the day before, as renewed Middle East

tensions cast doubt on whether the U.S.-Iran ceasefire would

hold, lifting oil prices and reviving concerns over the global

economic growth outlook.

Benchmark three-month copper on the London Metal

Exchange was down 0.9% at $12,591 a metric ton, as of 0746 GMT,

after hitting its highest level since March 18 on Wednesday and

marking its best one-day-gain since early February.

The most-active copper contract on the Shanghai

Futures Exchange gained 0.6% to 97,810 yuan ($14,307.55) a ton,

its highest since March 18.

U.S. President Donald Trump vowed to retain military assets

in the Middle East until a peace deal with Iran is reached and

warned of a major escalation in fighting if it failed to comply.

Oil prices rose about 3% on concerns that supply from the

key Middle East producing region may not fully resume.

"We are seeing some natural profit-taking (in copper) after

yesterday's strong rally. This, combined with oil heading higher

today, is applying downward pressure on metal prices," said Tim

Waterer, chief market analyst, KCM Trade.

Higher energy prices have dampened the outlook for metals by

raising concerns that an energy shock could squeeze global

growth and manufacturing.

Further pressuring prices, copper stocks in LME-approved

warehouses on April 8 stood at 385,275 tons, the

highest since March 2018.

However, "resilient demand (for copper) due to the energy

transition and data-centre growth will keep the market

undersupplied by 4-5%, supporting prices," ANZ said in a note.

London aluminium rose 0.1% to $3,456 a ton, while

the most-traded Shanghai contract lost 0.6% to 24,540

yuan a ton.

Elsewhere on the LME, tin fell 1.4%, zinc

lost 0.4%, lead was down 0.4% and nickel fell

0.8%.

Among other SHFE base metals, zinc fell 0.5%, lead

was down 0.1%, tin lost 0.6%, while nickel

held steady.

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