Copper prices are rising amid the artificial intelligence boom
Global copper prices continue to rise. Analysts attribute the rise in the price of this non-ferrous metal to growing investor interest in sectors related to the development of artificial intelligence and technological infrastructure.
This is reported by Bloomberg.
Copper prices have risen, and aluminum is on track to reach a four-year high. This has been driven by cautious optimism regarding a peace agreement between the U.S. and Iran, despite a new escalation.
U.S. President Donald Trump stated that negotiations with Tehran on extending the ceasefire and opening the Strait of Hormuz are ongoing, although Secretary of State Marco Rubio noted that it could take a few more days to reach an agreement. The ceasefire has held since early April, even after a series of attacks on ships and infrastructure.
Metal prices have risen over the past two weeks as both sides move closer to a deal, easing some concerns about a prolonged hit to global growth that could reduce demand for metals from manufacturers. Copper has also benefited from interest in assets related to the development of artificial intelligence infrastructure.
As of 5:17 a.m. Kyiv time, the price of copper on the London Metal Exchange rose 0.6% to $13,702 per ton. Thus, 1 kilogram of “red metal” costs $13.70. As for aluminum, it rose by 0.5% to $3,689.50 per ton.
The day before, U.S. Secretary of State Marco Rubio stated that an agreement to end the war with Iran could be reached as early as “today.” His statement came amid growing optimism regarding negotiations between Washington and Tehran and sharp fluctuations in oil markets.
U.S. President Donald Trump stated that Washington does not intend to rush into an agreement with Iran, despite progress in the negotiations.
Iranian state media reacted to U.S. President Donald Trump’s statement regarding alleged agreements on opening the Strait of Hormuz, calling it “incomplete and untrue.”
The U.S. reacted strongly to Iran’s plans to introduce a toll system for passage through the Strait of Hormuz, stating that this is unacceptable and could derail any negotiations. Washington considers this strategic waterway critically important and will not allow Tehran to exert commercial or political control over it.
