Base Metals Preview: COMEX copper down over 1% in early Asia

COMEX copper extends downside and is lingering close to a one and half week low on Friday morning in Asia. Poor global growth outlook due to ongoing U.S. trade negotiations and potential tariffs is seen heavily influencing the copper market. Slight rebound in dollar overseas is also weighing down the red metal. Meanwhile, stocks on the Wall Street recovered from an early move to the downside. The S&P 500 ended the day up 23.02 points or 0.4 percent at 6,045.26, the Dow climbed 101.85 points or 0.2 percent to 42,967.62 and the Nasdaq rose 46.61 points or 0.2 percent to 19,662.48. The counter is currently quoting at $4.78 per pound, down 1.12% on the day and is set for a weekly decline of almost 1.5%. On the MCX, copper is around Rs 875 per kg.

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