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Copper futures slipped to around $4.81 per pound on Monday, reversing gains from the previous session as escalating geopolitical tensions weighed on market sentiment. The decline followed US airstrikes on three Iranian nuclear facilities over the weekend, marking a major escalation as the US joined Israel in its ongoing conflict with Iran. The move heightened fears of retaliation from Tehran, including potential disruptions to global oil flows through the Strait of Hormuz. In addition to geopolitical risks, copper faced downward pressure from growing concerns over a possible destocking cycle in the US. Analysts cautioned that once details of President Donald Trump’s new tariffs on copper imports are finalized, US buyers—having front-loaded purchases earlier this year—may sharply cut back on orders, adding to near-term demand uncertainty.

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Dax Index News: Forecast Turns Gloomy After US-Iran Strike Headlines; Iran Response Key.Outlook for DAX hinges on Iran conflict, PMI data, and ECB guidance. Can soft price trends fuel a sustained rally?

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Malaysian palm oil prices fell slightly, hovering around MYR 4,100 per tonne after logging gains in the previous three sessions. A decline in rival Dalian vegetable oils weighed on sentiment, alongside growing concerns after India—the world’s largest importer— canceled around 65,000 metric tons of crude palm oil deliveries scheduled for July to September due to elevated prices and shrinking import margins. Demand prospects in China also remained muted amid sluggish economic conditions. Still, downside pressure was limited by a weakening ringgit, which boosts the competitiveness of Malaysian exports, and a surge in crude oil prices following U.S. strikes on key Iranian military sites that escalated regional tensions. Signs of resilient exports also offered some support, with cargo surveyor data showing Malaysian palm oil shipments rose between 10.9% and 14.3% during the first 20 days of June compared to the same period a month earlier.

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China’s 10-year government bond yield remained steady at around 1.64% on Monday, as investors awaited fresh signals from the upcoming National People’s Congress Standing Committee. The meeting, scheduled for June 24–27, is expected to focus on anti-competition legislation and potential responses to newly imposed US tariffs and escalating geopolitical risks. The US launched airstrikes on three Iranian nuclear sites, marking its direct entry into the Israel-Iran conflict, with markets now bracing for possible retaliation from Iran, which could deepen risk-off sentiment. However, the major escalation has also driven oil prices higher. About 20% of global oil flows through the Strait of Hormuz, a key route for China—which sources 45% of its oil imports via the passage—making any disruption a potential trigger for Chinese inflation and upward pressure on yields. Meanwhile, the People’s Bank of China’s latest decision to keep policy rates unchanged has helped limit sharp bond market moves.