COMEX copper edged lower from a one-week high on Tuesday morning in Asia as the US dollar gained some ground on safe-haven demand following Washington’s move to tighten financial pressure on Iran.

US Treasury Secretary Scott Bessent announced plans to further isolate Iran through sanctions targeting countries doing business with the Islamic Republic. The move has added to geopolitical uncertainty and provided some support to the dollar.

Meanwhile, the US Treasury Department announced an expansion of its long-term government debt buyback programme as part of efforts to contain rising borrowing costs. The move, however, has limited the dollar’s upside to some extent.

On Wall Street, stocks remained under pressure through Monday’s session. The tech-heavy Nasdaq fell 0.8% to 25,980.19, marking its lowest close in three weeks, while the S&P 500 declined 0.3% to 7,652.86.

COMEX copper was last quoted at $6.59 per pound, down 0.23% on the day.