Base Metals Preview: Copper futures buoyed by positive equities, deep dollar decline

Copper futures were boosted by sharp gains in overnight equities after President Donald Trump announced trade deals with Japan and the Philippines. The major averages ended the day just off their highs of the session. The Dow jumped 507.85 points or 1.1 percent to 45,010.20, the Nasdaq climbed 127.33 points or 0.6 percent to 21,020.02 and the S&P 500 advanced 49.29 points or 0.8 percent to 6,358.91. Moreover, deep slide in the US dollar index under 97 mark, near a three week low also supported the red metal. The metal hit a new record in the previous session as the US market continues to brace itself for a 50% tariff next month. The counter is currently seen quoting at $5.86 per pound, up 0.75% on the day.

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