Copper off record high as US tariff uncertainty weighs on commodity

COMEX Copper futures melted today, coming off a record high as media reports stated that US has not yet decided on refined Copper tariffs. The red metal tanked around 4% to trade at $6.59 per pound and is quoting around one-week low. MCX Copper also lost momentum and is down 2.90% at Rs 1383.25 per kg. Equities are lax globally as soaring crude oil prices are weighing on the risk appetite. In Asia, China's Shanghai Composite index fell 0.43%. Hong Kong?s Hang Seng index lost 1.27% while Japanese Nikkei index added 0.20%. European stocks continue to turn lower. UK?s FTSE100 index fell 0.41% to test lowest in seven weeks. In overnight trades, the US stocks closed lower for the third consecutive session, with the Dow falling to its lowest closing level in over a month.

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