Copper prices slip as US and Iran consider extending ceasefire.

Copper edged lower as markets reacted to reports that the US and Iran may extend a ceasefire to allow more time for peace talks; traders also noted Chinese restocking and a rise in Comex premiums versus the LME.

Copper prices edged lower as markets reacted to reports that the US and Iran are considering extending a ceasefire to allow more time for peace negotiations. Mediators are reported to be trying to set up technical talks to resolve issues such as reopening the Strait of Hormuz and Iran's nuclear enrichment. Base metals have been volatile since the conflict began, with prices first falling on supply and growth concerns and then stabilizing after a temporary ceasefire. Reports of renewed talks, together with signs of increased buying in China, have influenced recent price moves. Key developments: - Copper softened on reports the US and Iran may extend a ceasefire by two weeks to allow further negotiations, according to a person familiar with the matter. - Mediators are said to be arranging technical talks to address contentious issues including reopening the Strait of Hormuz and Iran's nuclear enrichment. - Chinese fabricators stepped up purchases after domestic copper prices fell below 100,000 yuan a ton, prompting a drawdown in inventories. - Analysts cited at industry conferences said long-term copper demand could be reinforced by electrification and stronger Chinese purchasing, and one firm suggested record highs could return this quarter. - Front-month Comex prices rose to a reported $283 a ton premium over the LME this week, and the article notes a US decision on refined copper tariffs is expected by the end of June. Summary: Copper moved modestly lower as renewed reports of diplomatic talks reduced some near-term supply worries and altered risk appetite. The market is watching whether the ceasefire will be extended and whether technical talks between the parties proceed. A Department of Commerce update on refined copper tariffs is expected by the end of June.