Copper prices record their first weekly increase since the outbreak of the Iran war

MaticHoleFiller · 2026-04-02T03:09:32+00:00

Despite the Middle East conflict affecting the market, copper prices achieved their first weekly increase of the month. The London Metal Exchange copper price rose by 0.4%, closing at $12,195 per ton, with a weekly gain of 2.2%. Aluminum prices increased due to supply disruptions, causing Japanese buyers to pay the highest premium in 11 years.

MaticHoleFiller

2026-04-02 03:09:32

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Despite the ongoing Middle East war roiling markets, copper prices recorded their first weekly gain of the month.

Most industrial metals on the London Metal Exchange (LME) rose on Friday, after U.S. President Donald Trump again postponed the deadline for Iran to either reach an agreement or face further attacks. However, there is no sign that Tehran will accept the ceasefire demands put forward by Washington, and Iran is still continuing to exchange missile launches with the United States and Israel.

The conflict has now lasted nearly a month, weakening the economic growth outlook and thereby dragging base metals. Aluminum is the exception, because the Strait of Hormuz is effectively shut, blocking about 9% of supply.

For aluminum, as the Iran war disrupted supplies, Japanese buyers agreed to pay the highest premiums in 11 years, and this cost is likely to further intensify the inflation pressure facing factories that use this metal.

London Metal Exchange copper prices rose 0.4%, closing at $12,195 per metric ton, for a weekly gain of 2.2%. Aluminum prices rose 0.8%, extending the uptrend for the week.

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