Copper's Next Move Depends On Washington, Not The Strait Of Hormuz

AI Summary

The status of copper supply depends heavily on political decisions in Washington, not on the operational status of the Strait of Hormuz. Despite conflicting signals from Iran regarding the strait's closure, Washington must lift its naval blockade by July 19 under a recent memorandum of understanding.

Six months after Operation Epic Fury upended the metals complex, the Strait of Hormuz still can't decide if it's open. Days after the two countries signed a memorandum of understanding on June 17, Iran's military declared the strait closed again, only for Iran's own foreign ministry to tell state media shipping was “operating normally.”  Under that same agreement, Washington has until July 19 to fully lift its naval blockade, while Tehran is only committed to its “best efforts” to restore pre-war traffic. Base metals…