Base Metals Preview: COMEX copper hits new record high amid tariff talks

COMEX copper futures test a two week high on Wednesday morning in Asia following gains in the previous session that led the red metal to hit a record closing high of $5.72 per pound. Since US President Donald Trump?s tariff announcement earlier this month, copper prices have soared past the $5 mark to new heights. This takes copper?s year-to-date gains to over 40%, making it one of the best performing commodities of 2025, even surpassing that of gold which is up around 30% y-t-d. Currently, the counter is quoting at $5.74 per pound, up 0.42% on the day. Meanwhile, the tech-heavy Nasdaq fell 81.49 points or 0.4 percent to 20,892.69 but the S&P 500 inched up 4.02 points or 0.1 percent to 6,309.62 and the Dow climbed 179.37 points or 0.4 percent to 44,502.44. Also, LME Copper inventories dipped yesterday, sliding after recent gains. Inventories fell 100 tonnes to 122075 tonnes, coming off one-month high.

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