The situation in Iran remains uncertain as copper prices retreat after hitting their highest since February.

Golden Ten Data reported on April 23 that as peace talks between the US and Iran have stalled, both sides are vying for control over the Strait of Hormuz. Investors are closely monitoring the next major developments in the Middle East, and copper prices have declined along with other metals. On Wednesday, copper prices once surged by 1.5%, reaching the highest closing price since early February. However, today, copper prices retreated by about 1.5% intraday, trading near $13,225.50 per ton. The LMEX Index, mainly driven by copper, aluminum, and zinc prices, also rose 1.5% on Wednesday, setting a new record high. Previously, the metals market had performed strongly in recent weeks as the US and Iran reached a ceasefire agreement and concerns over a further escalation of the Middle East situation had somewhat eased.