Copper prices are approaching their highest-ever close, with a 0.2% increase to $13,600 per ton, as traders remain optimistic despite ongoing tensions between the US and Iran. The broader metals market has shown resilience, with five of the six main contracts on the London Metal Exchange posting gains. This positive trend is attributed to tight supply and declining inventories in China, as well as a significant rise in China's exports, which increased by 14% year-over-year in April. Analysts from Citigroup Inc. suggest that the demand for metals, especially for energy transition and defense applications, will continue to support copper prices, even in the event of severe disruptions, such as a prolonged closure of the Strait of Hormuz. Overall, industrial metals are solidly higher this year, reflecting a recovery from earlier concerns regarding the impact of the Middle East conflict on the global economy.