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Metals rallied to records on their own momentum, then reversed as an Iran-US military escalation raised fears of wider disruption to trade and shipping. Brent rebounded near $100 alongside the metals pullback, showing the escalation is being read as a broad risk-off, supply-security event rather than a metals-specific one.
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The LME's six-metal composite index hit a record high with copper at a new peak and zinc topping $4,000/ton for the first time since 2022, before industrial metals pulled back as the IRGC said it struck two US naval vessels, eight tankers and 10 other vessels in response to US destruction of five Iranian oil tankers.
Metals rallied to records on their own momentum, then reversed as an Iran-US military escalation raised fears of wider disruption to trade and shipping. Brent rebounded near $100 alongside the metals pullback, showing the escalation is being read as a broad risk-off, supply-security event rather than a metals-specific one.
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