Base Metals Preview: COMEX copper climbs above $4.90 per pound mark

COMEX copper is seen reclaiming levels near a three-week high tracking weakness in dollar overseas. Besides, positive cues from equities and sustained fall in copper inventories are also supporting gains in the red metal. Currently, the counter is quoting at $4.90 per pound, up 0.70% on the day. Meanwhile, The major averages on the Wall Street pulled back off their best levels going into the close but remained firmly positive. The Nasdaq surged 281.56 points or 1.4 percent to 19,912.53, the Dow jumped 507.24 points or 1.2 percent to 43,089.02 and the S&P 500 shot up 67.01 points or 1.1 percent to 6,092.18. On the MCX, copper futures were seen near Rs 881 per kg mark.

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