Base Metals Preview: COMEX copper hovers near record highs

COMEX copper is hovering around fresh record highs following a near 17% spike during intraday moves to hit near $5.90 per earlier in the week. The gains in the red metal were backed by US President Donald Trump announcement that the tariffs on copper are set to be kept at 50%. He announced on Wednesday a new 50% tariff on copper, set to take effect on August 1. Meanwhile, dollar pullback and positive cues from overnight equities also supported good gains in the commodity. The tech-heavy Nasdaq jumped 192.87 points or 0.9 percent to a new record closing high of 20,611.34, the S&P 500 climbed 37.74 points or 0.6 percent to 6,263.26 and the Dow rose 217.54 points or 0.5 percent to 44,458.30. Currently, the counter is quoting at $5.61 per pound, up 2.5% on the day.

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