Base Metals Preview: COMEX copper holds above $5.5 per pound mark

COMEX copper is managing to hold above $5.5 per pound mark on Wednesday morning in Asia although strength in dollar above 98 mark is adding pressure on the red metal. The dollar index firmed up near a three-week high as investors awaited the latest producer price index report after hot inflation data pared back expectations of Fed interest rate cuts this year. Currently, the counter is quoting lower by 0.7% at $5.53 per pound. Meanwhile, the tech-heavy Nasdaq rose 37.47 points or 0.2 percent to a new record closing high of 20,677.80 while the S&P 500 fell 24.80 points or 0.4 percent to 6,243.76 and the Dow slumped 436.36 points or 1.0 percent to 44,023.29.

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