Base Metals Preview: COMEX copper lingers around $4.84 per pound mark

COMEX Copper futures continues to linger around $4.84 per pound mark on Monday morning in Asia following a near 2% slump over the weekend as some corrective action was seen in the metal after a spike to two-month high above $5 per pound. Geopolitical worries stay in place after media reports noted that Russia said the Ukraine war existential for its future and launched a series of retaliatory drone and missile strikes. US stocks showed a significant move back to the upside during trading on Friday following the release of a closely watched Labor Department report showing slightly stronger than expected U.S. job growth in the month of May. With the strong upward move, the Nasdaq and the S&P 500 reached their best closing levels in over three months. The Nasdaq shot up 231.50 points or 1.2 percent to 19,529.95, the Dow surged 443.13 points or 1.1 percent to 42,762.87 and the S&P 500 jumped 61.06 points or 1.0 percent to 6,000.36.

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