COMEX copper climbs to one-week high

COMEX copper climbs to a one-week high on Monday tracking weakness in greenback overseas and positive cues from equities. Asian stocks advanced as hopes for a U.S.-Iran peace deal sent oil prices sharply lower and eased inflationary concerns. Hopes for a potential deal to end a nearly three-month-long Iran war grew after reports suggested that the U.S. that the U.S. and Iran are working toward a deal to extend their fragile ceasefire by 60 days and reopen the Strait of Hormuz. The red metal is currently quoting at $6.46 per pound, up 1.23% on the day.

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