Base Metals Preview: COMEX copper losses momentum in early Asia

Copper futures are losing momentum near record high levels on Monday morning in Asia as dollar index stays supported above 97 mark ahead of US Federal Open Market Committee (FOMC) policy meeting later this week. Positive cues from equities could however limit losses in the counter. U.S. stock markets put together a solid performance on Friday. The Dow jumped 208.01 points or 0.47 percent to finish at 44,901.92, while the NASDAQ gained 50.36 points or 0.24 percent to close at 21,108.32 and the S&P 500 improved 25.29 points or 0.40 percent to end at 6,388.64. Asian stock markets are also trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, amid optimism that a number of trade deals will be worked out prior to US President Donald Trump's August 1 deadline after the U.S. and the European Union ratified a trade agreement over the weekend, with 15 percent tariffs on most European exports, including cars. COMEX copper is currently seen trading at $5.79 per pound, up marginally.

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