Copper futures reverse gains amid geopolitical tension.

Copper futures faced a significant reversal today, erasing recent gains as geopolitical tensions remain a primary market driver. With the Strait of Hormuz effectively closed, copper concentrate shipments face significant delays, tightening an already stressed market. Despite a strong structural demand case-driven by an estimated 475,000 metric tons needed for data center buildouts in 2026-rising energy costs and slowing industrial activity pose risks to the bull case. Iaccino breaks down the balance between supply shocks and deteriorating business confidence.