Copper futures climbed toward $6.1 per pound on Wednesday, hitting more than two-month highs and fully recovering losses since the start of the Middle East conflict amid growing optimism over US-Iran diplomacy.

Washington and Tehran are reportedly preparing a second round of talks before the current two-week ceasefire expires, boosting expectations for a potential de-escalation and reopening of the Strait of Hormuz.

Oil prices eased on prospects of a possible agreement, helping to relieve inflationary pressures and growth concerns that have recently weighed on industrial metals.

In Chile, the new government is aiming to accelerate copper production beyond earlier forecasts by streamlining permitting procedures and advancing regulatory reforms. Meanwhile, Chilean miner Antofagasta Plc is also exploring early-stage opportunities in Argentina amid shifting regional policy conditions.
Source: Trading Economics