Copper prices rose as demand continues to grow sharply for the metal, driven by the expanding infrastructure needs of artificial intelligence and data centers, which require large volumes of copper wiring and cooling components.

In trading, copper futures for September delivery on Wall Street rose 2.3% to $6.30 per pound by 15:23 GMT.

Industry leaders increasingly see copper as a potential next major investment theme for global markets.

Copper is often described as the “metal of electrification,” though it remains classified as an industrial metal rather than a precious metal.

Chile is the world’s largest copper producer. The key question for serious investors is how important copper could become in future investment portfolios.

Copper’s long history in Oman

Copper has a long history in the Sultanate of Oman, where it was smelted in ancient times when Oman was known as Magan.

The metal was also an important part of Oman’s coinage history.

According to researchers, during the reign of Sultan Faisal bin Turki between 1888 and 1913, the Sultanate of Muscat and Oman minted pure copper quarter-anna coins.

These historic copper coins are believed to have been used in maritime trade across the Indian Ocean and remained in circulation until the 1940s.

Copper is still present today, with modern Omani coins retaining copper derivatives in their composition.

In an article titled “The Lost Land,” published in Aramco World, John Lawton wrote that “convincing evidence emerged through analysis showing a match between copper artifacts in Sumer and copper ore from Oman.”

He added that “Sumerian copper artifacts contained traces of nickel, which is why archaeologists became excited when a prospector from the Anglo-Persian Oil Company reported in 1928 that samples collected from ancient copper mines in Oman contained 0.19% nickel, a level very close to that found in Sumerian copper pieces.”

This reflects the movement of copper exports from Magan through Dilmun to Sumer. During the third and second millennia BC, Magan — or Makkan — was the main copper source for the Sumerians.

Lawton also noted that in 1973 and 1974, the Oman Exploration Company identified around 44 ancient copper mining sites in northern Oman. Some dated back to the Portuguese occupation in the 17th century, others to the Islamic period in the ninth and tenth centuries, while at least three sites — according to an archaeological survey by Harvard University — dated back to the third millennium BC.

Archaeological sites linked to Oman’s copper history can still be found in areas such as Sohar and Rustaq.

Copper’s role across history and modern industry

The world of metals has evolved dramatically over the centuries.

Copper was the first metal to be widely used by humanity, followed later by bronze.

As societies developed and the world entered the age of electricity, copper continued its long journey and remains the global standard for electrical wiring and power generation.

That is why reports of copper wire and cable theft are common around the world. Copper cannot simply be stored away and hidden, because it must be present everywhere to power modern infrastructure.

For those drawn to its distinctive color, copper is also used in jewelry, though it requires special care to preserve its appearance.

More importantly, copper has now become part of broader financial discussions, whether people invest in it directly or not. Gold earlier attracted attention as prices climbed, then silver moved into focus, and now copper is increasingly taking the spotlight.

Financial experts and market analysts may have deeper views on the metal’s future, but for copper enthusiasts, the renewed attention surrounding the metal is a moment worth celebrating.

It is also worth remembering that mining activity often reveals more than one metal. In areas where copper is found, gold and silver may also be present in varying quantities.

Bitcoin remained under pressure near the $59,500 level on Tuesday after undergoing a sharp correction over the past two weeks.

Institutional investors continue to reduce exposure, with spot Bitcoin exchange-traded funds recording net outflows of $231.10 million on Monday, extending the recent streak of withdrawals.

At the same time, traders remain cautious as the United States and Iran send conflicting signals over the possibility of direct peace talks between the two countries in Doha, Qatar.

The outcome of those discussions could influence risk appetite across financial markets and help determine Bitcoin’s short-term direction.

Institutional selling pressure persists

Institutional demand for Bitcoin started the week on a weak note, with data from SoSoValue showing that US-listed spot Bitcoin ETFs recorded net outflows of $231.10 million on Monday.

The withdrawals followed $1.70 billion in outflows during the previous week, marking the largest weekly withdrawal since late February.

If the current trend continues this week, Bitcoin could face additional downside pressure in the near term.

Uncertainty over US-Iran talks weighs on risk sentiment

Geopolitical uncertainty remains elevated amid conflicting reports surrounding potential peace talks between the United States and Iran in Doha.

US President Donald Trump said in a post on Truth Social that Iran had requested a meeting and that discussions would take place in the Qatari capital on Tuesday.

Shortly afterward, White House Press Secretary Karoline Leavitt said: “Special Envoy Witkoff and Jared Kushner will travel to Doha for high-level meetings this week.”

However, Iran, which is sending a technical delegation to Qatar this week, insisted that the visit is “unrelated” to the American delegation and stated that no talks are scheduled between the two sides.

Iranian Foreign Ministry spokesman Esmail Baghaei said: “There will be no negotiations at any level with the United States in the coming days.”

The developments underscore the fragility of the recent ceasefire agreement between Washington and Tehran.

Any collapse in the talks or renewed military escalation between the two countries could weaken investor risk appetite and trigger another wave of selling across the Bitcoin market.

Oil prices were on track Tuesday for their largest quarterly decline since the start of the COVID-19 pandemic in early 2020, as investors monitored the possibility of US-Iran talks in Doha while a fragile ceasefire continues to hold in the four-month conflict.

August Brent crude futures, which expire on Tuesday, rose 12 cents, or 0.16%, to $73.27 a barrel by 09:59 GMT.

Despite the gain, the contract remained on track for a third consecutive monthly decline, having fallen around 20% since the beginning of June.

The more actively traded September Brent contract gained 32 cents, or 0.43%, to $74.23 a barrel.

US West Texas Intermediate crude futures for August delivery rose 27 cents, or 0.38%, to $71.02 a barrel. However, the contract was also headed for a second straight monthly decline after dropping roughly 19% during June.

Both Brent and WTI are now trading close to the levels seen before the outbreak of the war.

Giovanni Staunovo, oil analyst at UBS, said: “I don’t think the market has fully removed the geopolitical risk premium, but vessels that had previously been stranded are now available again as shipping activity out of the Gulf increases, creating a temporary wave of additional supply.”

Uncertainty over Doha talks weighs on market outlook

US and Iranian negotiating teams had been expected to meet in Doha this week, but Iran said on Monday that no meeting had been scheduled after the exchange of missile strikes over the weekend tested the temporary ceasefire.

Iranian Deputy Foreign Minister Kazem Gharibabadi told state television on Monday that Iranian and Omani experts would begin talks in the coming days to redefine shipping routes through the Strait of Hormuz. He added that Tehran would seek to restrict vessels operating outside designated transit corridors.

However, Iranian Foreign Ministry spokesman Esmail Baghaei said there would be no negotiations “at any level” with the United States in the coming days.

The uncertainty surrounding the talks highlighted the fragility of the June 17 ceasefire agreement, which followed a conflict that disrupted global oil flows through the Strait of Hormuz and created a political challenge for US President Donald Trump ahead of November’s congressional elections.

Morgan Stanley cuts oil price forecasts

Morgan Stanley lowered its forecast for deferred Brent crude in 2027 by $5 a barrel.

The bank now expects Brent to average $75 a barrel in the first half of 2027 and $70 a barrel in the second half.

The downgrade was driven by expectations for rising commercial oil inventories across OECD countries.

Morgan Stanley now forecasts an implied surplus in the global oil market of 4.8 million barrels per day in 2027.

Separately, Iraq’s state oil marketer SOMO has offered substantial discounts on official selling prices to encourage long-term contract buyers to lift Basra crude from its Gulf export terminal in July, according to trading sources and a document reviewed by Reuters.

The US dollar rose against most major currencies on Tuesday and remained on track for monthly gains, supported by growing market concerns over further monetary tightening from the Federal Reserve.

The US Dollar Index, which measures the greenback against a basket of six major currencies, traded at 101.34, close to the 13-month high reached last week.

As a result, the dollar is on course to post a gain of around 2.5% in June, marking its strongest monthly performance since July 2025.

Iran developments

Investors are also closely monitoring developments in the Gulf region ahead of this week’s key US employment report.

The United States and Iran exchanged fresh attacks over the weekend before agreeing to halt hostilities and hold talks in Qatar on Tuesday. The developments have kept investors cautious about the durability of the ceasefire agreement while contributing to higher oil prices.

Federal Reserve

Rising inflation pressures, combined with the unexpectedly hawkish start to Federal Reserve Chair Kevin Warsh’s tenure, have reshaped market expectations for interest rates this year.

At the same time, the AI-driven rally in US equities continues to attract significant capital inflows into American markets.

Jane Foley, Head of FX Strategy at Rabobank, said: “This is very significant because since April of last year there has been a lot of discussion about a structural decline in the dollar. Even if you strongly believe in that view, you still have to acknowledge that there is room for a cyclical rally in the currency.”

She added: “That is exactly what we are seeing now. Part of the move reflects the fact that Federal Reserve rate-hike expectations were priced into markets later than those of the Bank of England and the European Central Bank, whose outlooks shifted earlier during the conflict. In addition, equity markets, particularly since the war began, have seen a clear asset-allocation bias toward the United States.”

Weekly data from the US market regulator showed that investors are holding the largest net bullish position on the US dollar against major currencies since 2019, worth approximately $36.4 billion, according to data compiled by the London Stock Exchange Group.

Investors are now awaiting the US monthly employment report later this week, which could provide a clearer picture of whether current market pricing for Federal Reserve rate hikes is justified.

Money markets currently fully price in one rate hike this year, while assigning roughly a 50% probability to a second increase before year-end.