Base Metals Preview: Copper spikes around 4%, US equities post awesome spike yesterday as Trump pauses tariffs

COMEX Copper futures are soaring today following the boost offered by overnight upswing in the US equities and weak US dollar. After the slump in last few sessions, the US stock indices showed an astonishingly strong move back to the upside during trading on Wednesday. The major averages all recorded their biggest one-day gains in years after President Donald Trump announced a 90-day pause on new reciprocal tariffs on most countries to allow for negotiations. The Nasdaq soared 12.2 percent, the S&P 500 zoomed 9.5 percent and the Dow jumped 7.9 percent. Meanwhile, the US dollar index eased under 102 mark today, adding to recent losses. Copper spiked around 4% following this to trade at $4.35 per pound right now. It added more than 1% today and is now convincingly off the three-month lows near $4 per pound.

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