Base Metals Preview: COMEX copper stabilizes in early Asian trades

COMEX copper is steadying on Friday morning in Asia after a sharp volatile session yesterday as positive cues from weak dollar was offset by lower equities. The major averages on the Wall Street pulled back well off their highs in the final hour of trading before closing narrowly mixed. While the Nasdaq rose 53.09 points or 0.3 percent to 18,925.73, the Dow edged down 1.35 points or less than a tenth of a percent to 41,859.09 and the S&P 500 slipped 2.60 points or less than a tenth of a percent to 5,842.01.Besides, weak global economic cues also weighed on the red metal although sustained fall in LME inventories capped downside to some extent for the red metal. Currently, the counter is quoting at $4.68 per pound, up 0.17% on the day after having scaled to a 2-week high of $3.74 during intraday moves in the previous session.

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