Base Metals Preview: COMEX copper stays supported above $5 per pound mark

COMEX copper is recovering on Tuesday morning in Asia following a drop to a one and half week low yesterday. Dollar regaining momentum and pullback in equities is keeping the red metal under pressure. Also, profit taking following the strong upward move seen over the past few sessions is weighing on the commodity. The major averages on the Wall Street ended the day off their worst levels of the day but still notably lower. The Dow tumbled 422.17 points or 0.9 percent to 44,406.36, the Nasdaq slumped 188.59 points or 0.9 percent to 20,412.52 and the S&P 500 slid 49.37 points or 0.8 percent to 6,229.98. Currently, the counter is quoting at $5.02 per pound, almost flat on the day.

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