Copper futures traded around $6.28 per pound on Thursday after rising 2% in the previous session, supported by improving global risk appetite amid renewed optimism over a potential peace agreement between the US and Iran.

President Trump said the US was in the final stages of negotiations with Iran, fueling hopes that the Strait of Hormuz could soon reopen.

The prospect of restored shipping flows triggered a sharp decline in oil prices, helping ease inflationary pressures and reducing concerns about further interest rate hikes.

Copper prices also drew support from a rally in artificial intelligence-related technology stocks, which strengthened expectations for demand tied to data infrastructure development.

In corporate news, Codelco is targeting roughly $2 billion in cost reductions and additional revenue through the integration of operations across three copper mines, as the company seeks to counter the effects of stagnant production and rising debt levels.
Source: Trading Economics