Base Metals Preview: Copper steadies near $4.8 per pound mark

Copper futures are steadying around $4.81 per pound mark, up 0.22% on the day but well off its recent high above $5 mark earlier this month. Firm dollar, choppy equities and tensions in Middle East are all adding pressure on the red metal. However, a continued fall in copper inventories, testing fresh 13-month low is keeping the counter supported. Stocks in the US moved notably lower on Tuesday as the Nasdaq slid 180.12 points or 0.9 percent to 19,521.09, the S&P 500 decreased 50.39 points or 0.8 percent to 5,982.72 and the Dow fell 299.29 points or 0.7 percent to 42,215.80. Meanwhile, MCX benchmark June Copper futures are up 0.09% to trade at Rs 879.20 per kg.

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