Metals Slide as US-Iran Situation Makes Outlook ‘Very Binary’

Copper fell as investors continued to fret about the global economy’s prospects, offering a lukewarm response to US President Donald Trump’s hints at progress toward a peace deal with Iran.

Trump said he’d paused plans for fresh military strikes on Iran to allow for more negotiations with Tehran, a move he said was a response to appeals from Persian Gulf allies. After an initial bounce, copper futures retreated with equities in Asia, as any resolution of the Iran crisis remained highly uncertain.