Copper futures were largely unchanged around $6 per pound on Monday, maintaining last week’s gains even as a major escalation in the Middle East conflict rattled financial markets. The US and Israel carried out strikes on Iran over the weekend, resulting in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and prompting the effective closure of the Strait of Hormuz, a key route for roughly one-fifth of global oil shipments and significant natural gas flows. Tehran retaliated by targeting US assets across the region, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria. Copper prices were supported by expectations that top consumer China will introduce new stimulus measures at this week’s annual “Two Sessions” meeting, which convenes from March 4 to around March 11. The government is expected to set economic targets, outline policy plans, and release its 15th Five-Year Plan detailing objectives for 2026–2030.
