Base Metals Preview: COMEX copper rebounds on positive cues from equities

COMEX copper rebounded on Tuesday tracking positive cues from global equities and sharp pullback in dollar overseas. Investors rallied to push Wall Street higher on Monday after Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. The Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17. Moreover, LME Copper inventories continued to drop in last session, testing fresh 22-month low, supporting the red metal. Currently, the counter is quoting at $4.88 per pound, up 0.82% on the day. On the MCX, copper stays near Rs 885 per kg mark.

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