Base Metals Preview: Copper stays supported above $4.3 per pound mark

COMEX Copper futures continue their recent ascend although momentum faded as US stocks moved back to the downside during trading on Thursday. The major averages ended the day off their worst levels but still sharply lower. The Nasdaq plunged 737.66 points or 4.3 percent to 16,387.31, the S&P 500 tumbled 188.85 points or 3.5 percent to 5,268.05 and the Dow slumped 1,014.79 points or 2.5 percent to 39,593.66. Yesterday, the red metal soared as 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. Meanwhile, the US dollar index slipped below 100 mark, its lowest level in 9 months, keeping the counter supported. Currently, copper is up 0.69% at $4.36 per pound.

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