Base Metals Preview: COMEX copper lingers around four month low

COMEX Copper continues to steady around $4.45 per pound mark on Tuesday, currently, up 0.28% on the day but still lingering around a four month low. The red metal is witnessing some buying support after having slumped over 20% last week, making it one of the worst weekly declines on record. The metal was hit hard on tariff play that tricked the traders and lead to a record fall in the Copper. The US informed that 50% tariff imposed on Copper will only apply to semi-finished Copper products imported. However, imports of refined metal will not attract any tariff. Meanwhile, positive cues from overnight equities also kept the metal supported. The Nasdaq surged 403.45 points or 2.0 percent to 21,053.58, the S&P 500 shot up 91.93 points or 1.5 percent to 6,329.94 and the Dow jumped 585.06 points or 1.3 percent to 44,173.64.

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