Base Metals Preview: COMEX copper extends downside in early Asia

COMEX copper futures extend downside in early Asian trades on Wednesday as dollar gains strengthen overseas. The dollar index climbed well above 99.50 mark amid uncertainty surrounding Trump?s tariff plans. US President Donald Trump said he decided to delay the timing of his 50% EU tariffs until July after a request from European Commission President to give negotiators more time to reach a deal. Copper prices are expected to stay unsteady amid ongoing US-EU trade tensions, with global copper demand expected to outstrip supplies by 30% by 2035 due to the shift to clean energy, which would likely raise prices in the long term. Investors also await global demand developments, especially in China, and US monetary policy changes. Currently, the counter is quoting at $4.71 per pound, down 0.61% on the day. Meanwhile, on the MCX, copper futures are lingering around Rs 860 per kg.

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