Copper hits near $5 per pound as metals shine

Copper soared today as metals witnessed a highly bullish activity amid weakness in the US dollar. US President Donald Trump warned of doubling tariffs on imported steel and aluminium to 50 % starting June 4. Donald Trump also accused China of violating the trade agreement reached last month while China also countered it with a similar charge against the US, thereby triggering worries over global trade talks following a favourable tilt in proceedings recently. This boosted precious metals clubbed with an escalation in the Russia- Ukraine conflict. Copper soared near $5 per pound, gaining as much as five percent in intraday moves as markets feared that the Trump tariff talk on steel and aluminium could soon spill over to copper ? a key industrial commodity. This was the highest level in nearly four weeks for the red metal. COMEX Copper futures are currently up 4% at $4.85 per pound, starting the new month on an upbeat note. Equities were largely mixed but Copper held on firm. MCX Copper also gained but upside was limited amid a firm undertone in the Indian Rupee against the US dollar. MCX Copper futures currently trade at Rs 868.65 per kg, up 0.89% on the day.

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