Base Metals Preview: COMEX Copper nears $6 mark as US set to slap 50% tariff on metal

MCX Copper futures are set to soar in early moves following a wild spike in the metal in global markets. COMEX futures jumped around 17% in intraday moves to hit a fresh record near $5.90 per pound. The US Copper is now trading at a 25% premium compared to their counterparts in London. The metal swelled after the US President Donald Trump noted that the tariff on copper are set to be kept at 50%. The US Commerce Secretary Howard Lutnick noted that their investigations on Copper under Section 232 are complete and their observations have been submitted to the President. Lutnick added that these measures could be put in place by the end of this month or on August 1, which is when the reciprocal tariffs deadline extension ends as well. The COMEX Copper futures ended up around 13% on the day and currently quote at $5.70 per pound, almost unchanged on the day. MCX Copper should see a sharp gap-up open following this. The counter ended at Rs 891.45 per kg in last session, up 0.11% on the day.

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