Base Metals Preview: COMEX copper set for weekly gain of nearly 9%

Copper futures are staying flat after the massive rally witnessed this week. COMEX futures jumped around 17% in intraday moves to hit a fresh record near $5.90 per pound during the week after the US President Donald Trump noted that the tariffs on copper are set to be kept at 50%. Positive cues from overnight equities are also likely to keep the commodity supported. The Dow climbed 192.34 points or 0.4 percent to 44,650.64, the Nasdaq inched up 19.33 points or 0.1 percent to 20,630.66 and the S&P 500 rose 17.20 points or 0.3 percent to 6,280.46. However, rising LME copper inventories and dollar strength is adding some pressure on the red metal. Currently, the counter is quoting at $5.59 per pound, marginally down on the day, but set for a weekly gain of nearly 9% as of now. On the MCX, however, copper futures were largely unmoved and were trading below Rs 890 per kg mark.

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