Copper fell 0.6% to $13,278.50 per ton as traders await U.S. and Iran peace talks and further signals from the Federal Reserve. After a record high in May, the metal dropped 2.6% this month.
Expectations of tighter Fed policy and a stronger dollar continue to pressure base metals. Strong U.S. economic data is expected to keep the dollar firm and add further downward pressure on metal prices.
Goldman Sachs maintains a bullish stance, noting that electric vehicles, renewable energy, defense spending, and AI investment will support long‑term copper demand. The firm raised its 2026 year‑end copper price target to $13,735 per ton and its 2027 average to $13,800 per ton.
Aluminium fell 2.9% and nickel 2.3%, while lead performed better than other base metals.