Base Metals Preview: COMEX copper seen consolidating around $5.5 per pound mark

COMEX copper is seen consolidating around $5.5 per pound mark with upside capped by renewed strength in dollar and soaring LME Copper inventories. LME Copper inventories saw a sharp spike adding to recent gains. Inventories zoomed 10525 tonnes to 121000 tonnes, hitting fresh one-month high. However, positive cues from equities are keeping the red metal supported. The major averages on the Wall Street ended the session near their best levels of the day. The Nasdaq advanced 153.78 points or 0.7 percent to 20,884.27, the S&P 500 climbed 33.66 points or 0.5 percent to 6,297.36 and the Dow rose 229.71 points or 0.5 percent to 44,484.49. Currently, the counter is quoting at $5.52 per pound, up 0.24% on the day and set for a weekly loss of over 1%. Meanwhile, MCX Copper futures are trading at around Rs 880.55 per kg with weakness in Indian Rupee capping losses.

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