Copper futures in New York traded just short of an all-time high Thursday, as investors awaited a decision on US tariffs while tracking speculation around the Strait of Hormuz reopening. Risk assets like copper rallied on hopes of easing Middle East tensions, though concerns over trade policy kept prices volatile. The metal’s rally reflects its role as a barometer for global economic health and supply-demand dynamics.

Analysts note that the tariff decision could provide immediate directional cues, while Hormuz speculation adds uncertainty to trade and energy flows. Market participants are balancing bullish sentiment from geopolitical developments against caution ahead of policy outcomes.