Base Metals Preview: Copper gains on positive cues from equities

COMEX copper continues to tick higher on Monday morning in Asia likely taking cues from dollar?s sharp fall over the weekend although a mild recovery early today could limit gains in the counter. Besides, a rally in Wall Street supported good gains in the red metal. The Dow shot up 846.24 points or 1.9 percent to 45,631.74, the Nasdaq surged 396.22 points or 1.9 percent to 21,496.53 and the S&P 500 jumped 96.74 points or 1.5 percent to 6,466.91.For the week, the major averages turned in a mixed performance. While the Nasdaq slid by 0.6 percent, the S&P 500 rose by 0.3 percent and the Dow leapt by 1.5 percent. Currently, copper futures are trading higher by 0.43% at $4.47 per pound.

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