Copper turns around after freak spike in last session, down more than 2%

COMEX futures jumped around 17% in intraday moves to hit a fresh record near $5.90 per pound yesterday but saw these gains fizzle away today. The metal swelled after the US President Donald Trump noted that the tariffs 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. The COMEX Copper futures ended up around 13% on the day though recent upside in LME Copper inventories clubbed with firm US dollar index capped upside in the metal. COMEX Copper currently quotes at $5.55 per pound, down 2.40% on the day. Geopolitical scenario remains tense as Russia continued its strikes on Ukraine.

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