Base Metals Preview: Copper pulls back nearly 1% in Asian trades

COMEX Copper futures pulled back on Tuesday morning in Asia following good gains reported in the previous session. The red metal is currently quoting at $4.88 per pound, down almost 1% on the day tracking rebound in dollar overseas amid hopes for a tariff truce between the world?s two largest economies. Besides, choppy moves on Wall Street overnight too weighed on the counter. The major averages ended the day narrowly mixed. While the Dow edged down 1.11 points or less than a tenth of a percent to 42,761.76, the S&P 500 inched up 5.52 points or 0.1 percent to 6,005.88 and the Nasdaq rose 61.28 points or 0.3 percent to 19,591.24. Nevertheless, sharp plunge in LME copper inventories to one year low could limit downside in the counter.

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