Base Metals Preview: Copper on course for weekly dip

COMEX copper is staying on course for a weekly decline as dollar recovery and choppy equities continue to weigh although falling LME inventories slightly limit downside. On the Wall Street, major averages bounced back and forth across the unchanged line before eventually closing moderately higher. The Dow rose 117.03 points or 0.3 percent to 42,215.73, the Nasdaq climbed 74.93 points or 0.4 percent to 19,175.87 and the S&P 500 increased 23.62 points or 0.4 percent to 5,912.17. Dollar witnessed a rollercoaster ride as the index rallied on news that a federal court ruled President Trump?s reciprocal tariffs as unlawful, before reversing course as an appeal court reinstated them, stoking fresh uncertainty around trade policy. PCE data is now in focus. Currently, the red metal is quoting at $4.66 per pound, down 0.24% on the day.

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