Copper Shrugs Off Middle East Uncertainty to Near Record High

Copper jumped the most in more than a month, nearing a record intraday high as it shrugged off the apparent deadlock between the US and Iran over how to end the war and reopen the Strait of Hormuz.

All main metals contracts on the London Metal Exchange posted gains, after the bourse’s combined gauge of prices ended Friday on an all-time high. Metals from copper to zinc have been resilient in the face of the Middle East war, partly thanks to signs of demand outstripping supply.