Bob Iaccino breaks down the dramatic price action in August Copper futures, which experienced an outside range day. After initially gapping lower to 6.183 and dropping 1.52%, the market saw a strong afternoon rally, pushing prices up 1.98% to reach 6.3910. This reversal was largely driven by geopolitical developments, as the administration canceled planned strikes on Iran following coordinated talks in Doha. Iaccino explains how this de-escalation impacts the industrial metals complex by addressing two key variables: rate hike expectations and conflict uncertainty. A potential Hormuz reopening could remove the energy inflation premium that previously supported a December rate hike. Furthermore, a return to stable global industrial activity reinforces the long-term demand outlook for copper, which remains anchored by ongoing data center buildouts and grid infrastructure projects.