Base Metals Preview: COMEX copper subdued near $5 per pound mark; global trade concerns weigh

COMEX Copper futures are steadying around $5 per pound mark on Wednesday morning in Asia as sentiments remained volatile for the metal on global trade concerns. The United States and China are set to begin imposing reciprocal port fees on Tuesday, escalating tensions in maritime trade. Moreover, US Trade Representative Jamieson Greer reportedly said on Tuesday that the US President Donald Trump could slap China with 100% tariffs on November 1 or sooner, depending on Beijing?s next action in a dispute over rare earths. Worsening U.S.-China trade tensions weighed on equities While the Dow climbed 202.88 points or 0.4 percent to 46,270.46 after plunging more than 600 points in early trading, the S&P 500 dipped 10.41 points or 0.2 percent to 6,644.31 and the Nasdaq slid 172.91 points or 0.8 percent to 22,521.70.

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