Base Metals Preview: COMEX copper extends slide near 1-week low

COMEX Copper futures extended slide on Tuesday morning in Asia, near a one-week low amid broad tariff worries. US President Donald Trump announced 30% tariff on Mexico and EU, effective August 1 and ensured that the positive vibes created by a likely US and the EU trade deals fizzle off. Moreover, a firm dollar overseas also weighed on the red metal. Currently, COMEX copper is down half a percent at $5.52 per pound. Meanwhile mixed overnight equities also failed to support the commodity. While the Nasdaq is up 33.86 points or 0.2 percent at 20,619.38, the Dow fell 10.50 points or less than a tenth of a percent at 44,361.01 and the S&P 500 1.51 points or less than a tenth of a percent at 6,258.24.

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