Base Metals Preview: COMEX copper stays supported near 3-month high

COMEX copper hovers around a three-month high above $5 per pound mark on Monday morning in Asia, tracing positive cues from equities and supported by sharp fall in copper inventories. Weakness in dollar overseas is also keeping the red metal propped up. On Friday, the Dow jumped 432.43 points or 1.0 percent at 43,819.27, the Nasdaq climbed 105.55 points or 0.5 percent to 20,273.46 and the S&P 500 rose 32.05 points or 0.5 percent to 6,173.07. For the week, the tech-heavy Nasdaq surged by 4.3 percent, while the Dow jumped by 3.8 percent and the S&P 500 shot up by 3.4 percent. At the time of writing, copper futures are quoting at $5.10 per pound.

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