Following a temporary ceasefire agreement between the United States and Iran, market risk appetite improved, alleviating concerns over severe supply chain disruptions and their impact on the global economy. Copper prices rose to a three-week high. During early European trading, three-month copper futures on the London Metal Exchange (LME) increased by 2.9% to $12,690.50 per ton.

Analysts from ING Groep NV stated, "The easing of tensions related to shipping routes has provided particularly notable support to market sentiment."

"Looking ahead, metal prices will depend on whether this ceasefire can evolve into a more lasting agreement. They will also be influenced by expectations for US monetary policy, with Federal Reserve statements, inflation data, and changes in real yields serving as key drivers in the short term."