Copper consolidates around one week high, firm equities offer support

COMEX Copper futures consolidated around one week high today as the US dollar index slipped and currently trade at $4.52 per pound, almost unchanged on the day. The red metal has been supported after US President Donald Trump extended a trade truce with China for another 90 days Monday. Equities provided sound cues for the metal today. In Asia, Chinese Shanghai Composite index rose half a percent while Hong Kong's Hang Seng index spiked 2.58% on earnings boost. Japanese markets rose sharply to hit a fresh record high. The Nikkei average ended up 1.30% at a record high. European stocks moved up with German DAX gaining 0.70%. US stocks edged up with the Nasdaq and the S&P 500 reaching new record closing highs.

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