Base Metals Preview: COMEX copper bounces to one-week high

COMEX copper bounced higher to an over one-week high tracking steady decline in dollar index which is currently below 100 mark. Moreover, falling LME inventories are also keeping the red metal supported although choppy equities are seen capping upside. US stocks showed a more substantial move to the downside during trading on Wednesday amid lingering uncertainty about the outlook for trade and the global economy. The major averages ended the day off their worst levels but still sharply lower. The Dow plunged 816.80 points or 1.9 percent to 41,860.44, the S&P 500 slumped 95.85 points or 1.6 percent to 5,844.61 and the Nasdaq tumbled 270.07 points or 1.4 percent to 18,872.64. The counter is currently up 0.82% on the day at $4.71 per pound.

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