06-Mar-2025 17:09

COMEX Copper prices spiked more than five per cent in New York yesterday as U.S. President Donald Trump suggested imports of the metal could be subject to a 25% tariff. Last week, Trump announced that the Commerce Department would undertake a sweeping investigation that could lead to levies on copper on national security grounds. However, Copper fell today after hitting around nine month high. COMEX Copper futures are down 0.43% at $4.77 per pound. The US president has already signed an executive order to impose that levy on aluminum and steel from March 12. Firm equities seem to have capped losses in Copper. China's Shanghai Composite index spiked 1.17% while Hong Kong's Hang Seng zoomed 3%- as China fiscal stimulus boosted the mood. Japanese Nikkei index rallied 0.77% to make it a strong session for Asian stocks. European stocks stayed largely positive with German DAX adding 0.58%. The US stocks surged yesterday with Nasdaq up 1.5%, S&P 500 gaining 1.1%, and Dow rising 1.1%. Despite weak job growth in February, a rise in service sector activity and strong sector performances lifted markets.

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