Iran Fires Missiles Into the Gulf, Goldman Bets $14,500 on Copper, and Zambia's Smelters Go Dark

Iran fired ballistic missiles at Kuwait and Bahrain on Tuesday — the most serious direct military exchange yet. Iranian missiles aimed at Kuwait disintegrated mid-flight; those targeting US Navy 5th Fleet headquarters in Bahrain were intercepted. US Central Command struck an Iranian ground control station on Qeshm Island. The IRGC stated: 'We had previously cautioned that any act of aggression would elicit a distinct and more intense response.' Trump told ABC News: 'I think you're talking about over the next week' for a deal. Iranian inflation reached 77.2% in May. Pakistan is mediating a 60-day ceasefire extension framework. Goldman Sachs raised its year-end copper target by more than 10% to $13,735/tonne (from $12,465), citing supply disruptions at Grasberg (Indonesia) and Kamoa-Kakula (DRC) — cutting global mine supply forecasts by 350,000 tonnes and estimating neither mine reaches full capacity before 2028. Goldman's ex-US copper deficit estimate grew tenfold to 640,000 tonnes. Citigroup called for $14,500/tonne this month and $15,000/tonne within a year. Copper is trading just below $14,000/tonne on the London Metal Exchange, ~$500 shy of the January record. HSBC warned of a commodities 'super-squeeze' from Hormuz closure. Northern Star Resources' board responded to Elliott Investment Management's activist campaign, stating it 'welcomed constructive dialogue' and confirming it 'regularly reviews corporate opportunities with adviser Goldman Sachs, including portfolio management and potential mergers or acquisitions.' Shares surged nearly 14% to A$21.03 — the stock's biggest gain in more than six years. CEO Stuart Tonkin is stepping down. Elliott holds ~4% (~A$1B) and is pushing for a formal strategic review including potential sale. Three of Zambia's major copper smelters — Nchanga (Vedanta/KCM, 60-day shutdown), Mopani, and Chambishi — are in simultaneous maintenance June through mid-September. KCM produced 80,215t of copper in 2025; Zambia's national output was ~890,000t. Iran war has disrupted global sulphuric acid supply — a critical copper processing input. Sources: NPR/AP, Radio Free Europe/Radio Farda, Mining.com/Goldman Sachs/Citi, Mining.com/Australian Financial Review, Reuters/Economic Times Infrastructure