Base Metals Preview: COMEX copper tumbles by 20% on Trump's tariff exemption

COMEX copper collapsed by over 20%, suffering its largest intra-day fall on record after President Donald Trump announced exemption of the most widely imported form of copper from his planned tariffs. Sentiment was also dented as Trump announced a narrower-than-expected 50% tariff on copper pipes and wiring. The red metal is currently quoting at $4.44 per pound, down 20.52% on the day following a sharp slump in the previous session from around record high levels. Meanwhile, choppy show in overnight equities also failed to provide any support to the counter. While the tech-heavy Nasdaq rose 31.38 points or 0.2 percent to 21,129.67, the S&P 500 edged down 7.96 points or 0.1 percent to 6,362.90 and the Dow fell 171.71 points or 0.4 percent to 44,461.28. On the MCX, however, copper futures are staying close to Rs 900 per kg as LME Copper shed half a percent and largely stayed in a range. COMEX copper slumped it had been with a large premium against the LME copper. COMEX Copper had gained around 8.60% in June compared to 4% rise in LME Copper which is priced on copper cathode.

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