COMEX Copper up 2%, equities supported

COMEX copper is holding just under record highs. The solid gains in the red metal this week were triggered 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 counter is currently trading at $5.60 per pound, up 2% on the day. In Asia, Chinese Shanghai Composite index added 0.48% to hit eight month high. Hong Kong's Hang Seng index rose 0.57%. Japanese NIKEEI shed 0.44%. European stocks stayed supported in hopes of the U.S.-EU trade deal. The US equities saw good gains in last session as the Dow added 0.5%.

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