Copper little changed as investors assess Trump’s ceasefire extension

Copper was little changed on Wednesday as the U.S. dollar hovered just below a week’s high, with investors weighing a US extension of a ceasefire with Iran and comments from Federal Reserve Chair nominee Kevin Warsh on interest rates.

The benchmark-three-month copper on the London Metal Exchange ticked 0.14% higher to $13,249 a metric ton as of 0321 GMT.

The most-active copper contract on the Shanghai Futures Exchange rose only 0.05% to 102,390 yuan ($15,005.06) a ton.

The U.S. dollar index retreated slightly but was holding below a one-week high of 98.566 touched on Tuesday.

It was unclear whether Iran would agree to the extension of the ceasefire, which, according to Trump was requested by mediator Pakistan. Trump also added that the U.S. Navy would continue blockading Iran’s ports, raising scepticism over the extension.

Meanwhile, Warsh told the Senate confirmation hearing that he made no promise to Trump to cut the interest rate, while saying monetary policy independence was essential, though he promised robust reform of the central bank.

The market reads Warsh’s comments as slightly hawkish, as Trump, who nominated him, had been criticizing a Fed led by the sitting chair Jerome Powell for failing to cut the rate sooner and more aggressively.

Uncertainties in the Middle East and Fed policy directions are weighing on broader market risk appetite, traders said.

Goldman Sachs, meanwhile, kept its outlook for the 2026 copper price, averaging $12,650 a ton while maintaining a surplus forecast, and flagged risks of reduced production due to sulphuric acid shortage.

Elsewhere, nickel rose after the SHFE opened its nickel futures and options trading to overseas investors from Tuesday’s evening session.

The most-active nickel contract gained 0.74% to 141,830 yuan a ton, while the benchmark London nickel gained 0.52% to $18,320.

Among other LME metals, aluminium dipped 0.11%, zinc dropped 0.17%, lead shed 0.59% and tin gained 0.78%.
Elsewhere on SHFE, aluminium gained 0.26%, zinc rose 0.12%, lead lost 0.74% and tin dropped 0.70%.