Base Metals Preview: COMEX copper stays well supported

COMEX Copper futures stay well supported above $5.6 mark on Monday morning in Asia amid steady equities and a slight drop in the US dollar index. Moreover, improving Chinese economy and the world?s efforts in achieving the net zero goal on carbon emissions offers support to the red metal. Stocks in the US showed a lack of direction on Friday. While the Nasdaq inched up 10.01 points or 0.1 percent to a new record closing high of 20,895.66, the S&P 500 edged down 0.57 points or less than a tenth of a percent to 6,296.79 and the Dow fell 142.30 points or 0.3 percent to 44,342.19. For the week, the Nasdaq jumped by 1.5 percent and the S&P 500 climbed by 0.6 percent, but the Dow slipped by 0.1 percent. On MCX, Copper futures hit above Rs 890 per kg mark.

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