Base Metals Preview: COMEX copper hovers around record high

COMEX Copper futures continued to surge around record high levels on Monday morning in Asia amid firm cues from equities and weak US dollar overseas. The major averages all posted strong gains last week. While the S&P 500 shot up by 1.4 percent, the Dow and the Nasdaq both jumped by 1.2 percent. The counter is currently holding at $5.91 per pound, up more than 1% and the red metal has rallied by more than 40% this year, poised for the biggest annual gain since 2009, driven higher by rising tech demand, supply constraints, and tariff uncertainty. The general undertone remains supportive for global economy and generous demand for electric vehicles.

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