Base Metals Preview: COMEX copper tests 3-month high above $5 per pound mark

COMEX copper surged above $5 per pound mark on Friday morning in Asia tracking sustained fall in LME inventories and weakness in dollar overseas. The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, remains around its lowest level in three and a half years under 97 mark. Meanwhile, strong gains from equities also propped up the red metal. The Nasdaq jumped 194.36 points or 1.0 percent to 20,167.91, the Dow advanced 404.41 points or 0.9 percent to 43,386.84 and the S&P 500 climbed 48.86 points or 0.8 percent to 6,141.02. Currently, the counter is quoting at $5.12 per pound, up 0.18% on the day and its highest level in almost 3 months.

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