Copper rose above $5.5 per pound on Friday and was set for its first weekly gain since the Middle East conflict began, supported by hopes for a diplomatic resolution between the US and Iran. President Donald Trump extended the deadline to strike Iranian energy infrastructure by 10 days to allow for negotiations, adding that Iran had permitted 10 oil tankers to pass through the Strait of Hormuz this week as a gesture of goodwill. However, reports indicated the Pentagon is considering sending up to 10,000 additional ground troops to the region, giving the White House more options at the negotiating table. Copper and other metals have come under pressure this month as disruptions from the conflict and surging energy prices heightened concerns over inflation and slowing global industrial activity.
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