Base Metals Preview: COMEX copper climbs around 1% in early Asia

COMEX copper regained momentum on Wednesday morning in Asia tracking positive cues from overnight equities and a sustained fall in LME copper inventories. LME Copper inventories dipped sharply in last session, holding around one year low. Inventories fell 1425 tonnes to 148450 tonnes. Meanwhile, strength on Wall Street came following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April. The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq advanced 156.34 points or 0.8 percent to 19,398.96, the S&P 500 climbed 34.43 points or 0.6 percent to 5,970.37 and the Dow rose 214.16 points or 0.5 percent to 42,519.64. Currently, the red metal is quoting higher by over 1% at $4.88 per pound.

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