Base Metals Preview: COMEX copper manages to hold above $5 per pound

COMEX Copper futures fell further in early Asian trades on Friday, although the counter managed to hold above $5 per pound mark. Prices have swelled amid falling LME Copper inventories and supportive equities. Markets also eyed roadblocks by informal miners that are disrupting transport of copper from some large mines in Peru. Meanwhile, positive cues from rally on Wall Street limited decline in the red metal. The Nasdaq jumped 207.97 points or 1.0 percent to 20,601.10, the S&P 500 advanced 51.93 points or 0.8 percent to 6,279.35 and the Dow climbed 344.11 points or 0.7 percent to 44,828.53. Currently, copper is quoting at $5.11 per pound, down half a percent on the day.

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