Weekly Copper Review: COMEX futures up around 2% for week

COMEX Copper futures saw some consolidation amid weak equities but gained around 2% for the week. The metal ended around $5 per pound with focus staying on trade tensions. 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 US-China trade tensions weighed on equities as well, pulling the US stocks off record highs. MCX Copper futures fell after failing to sustain above Rs 1000 per kg mark.

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