Base Metals Preview: COMEX copper supported by positive cues from equities

COMEX copper continues to stay supported in early Asian trades in Wednesday tracking weakness in dollar overseas and positive cues from equities. The Dow increased 196.39 points or 0.4 percent to 45,711.34, the Nasdaq climbed 80.79 points or 0.4 percent to 21,879.49 and the S&P 500 rose 17.46 points or 0.3 percent to 6,512.61. The strength that emerged on Wall Street may have reflected ongoing optimism about the outlook for interest rates ahead of the release of closely watched inflation data in the coming days. Falling LME inventories near 2-week low are also keeping the red metal supported. The red metal is currently quoting at $4.58 per pound, up 0.23% on the day.

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