Base Metals Preview: COMEX copper near one-week high

COMEX copper is holding around $4.6 per pound mark on Thursday morning in Asia, near a one-week high, supported by weakening greenback and positive cues from equities. The S&P 500 and the Nasdaq pulled back well off their best levels but still managed to end the day at new record closing highs. The S&P 500 rose 19.43 points or 0.3 percent to 6,532.04 and the tech-heavy Nasdaq inched up 6.57 points or less than a tenth of a percent to 21,886.06. The Labor Department said its producer price index for final demand edged down by 0.1 percent in August after climbing by a downwardly revised 0.7 percent in July, weighing on the dollar. The Labor Department's report on consumer price inflation is likely to be in focus on Thursday, as it may shed additional light on the outlook for interest rates.

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