Investors closely watched developments in an agreement that could end the three-month Middle East war, keeping copper prices on an upward trend.
Industrial metal prices on the London Metal Exchange (LME) were largely flat, hovering near $13,680 per tonne, after rising more than 1% last Friday. The LME was closed Monday due to a public holiday.
U.S. President Donald Trump said negotiations with Iran on extending the ceasefire and reopening the Strait of Hormuz are “going well,” while Asim Munir, Pakistan’s military chief and a key mediator between the warring parties, told China that an agreement is “on the verge of being reached.”
However, just hours after U.S. President Donald Trump suggested progress in negotiations with Tehran over a temporary deal, American and Israeli fighter jets attacked Iranian vessels and other targets in the Strait of Hormuz.
According to Iran’s official news agency, Mehr News Agency, the attack occurred south of Larak Island in the Strait of Hormuz, killing several Iranian personnel, though no further details were provided. Earlier, Trump stated that negotiations between the U.S. and Iran on extending the ceasefire agreement and reopening the strait were “going well.”
The U.S. Central Command stated in a release that American forces had struck missile launch sites and vessels attempting to lay mines inside Iran. Captain Tim Hawkins, the spokesperson, said the attack was defensive and aimed at “protecting our forces from threats posed by Iranian military forces.”
U.S. Secretary of State Marco Rubio told reporters during his visit to India that negotiations with Iran could take several days, adding that Trump would either agree to a good deal or not reach any agreement at all.
Technical Analysis:
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Gold: The price has temporarily stabilized after retracing to the gap, but the short-term direction remains unclear. We need to buy time by sacrificing space—only if the price rises and reclaims 4550 will we consider a momentum-based long entry; if it drops toward the liquidity zone near 4500, we may look for a short-term low entry to catch a rebound. For detailed positions, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: With liquidity gradually returning after the holiday, prices have retraced to test the gap level for support. Today, we will closely monitor whether new bullish signals emerge after the gap is filled, with particular attention on the yellow zone. For detailed positions, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: Prices are hovering at lower levels with no clear trend momentum at the moment. We will monitor today whether a new downtrend signal emerges after a rebound and retest of recent highs. Special attention will be given to price behavior (downward) once it enters the yellow zone. For detailed positions, please consult the plugin.
(Crude Oil 15-minute Chart)
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Today’s key financial data and events to watch:
18:00 UK CBI Retail Sales Expectations Index for May
22:00 U.S. Conference Board Consumer Confidence Index for May
