Base Metals Preview: Copper attempts recovery from one-week low

COMEX Copper futures are seen attempting recovery from around one week low amid continued strength on Wall Street. The major averages reached new highs late in the session before giving back some ground going into the close. The Nasdaq advanced 160.75 points or 0.7 percent to 22,631.48, the S&P 500 climbed 32.40 points or 0.5 percent to 6,664.36 and the Dow rose 172.85 points or 0.4 percent to 46,315.27. Last week, the tech-heavy Nasdaq surged by 2.2 percent, while the S&P 500 and the Dow jumped by 1.2 percent and 1.1 percent, respectively. China's central bank left its key interest rate unaltered following US Federal Reserve's decision to reduce rates. The People?s Bank of China (PBOC) left the seven-day reverse repo rate unchanged at 1.40%. Copper is overall being supported amid a recent decline in LME Copper inventories which fell near six-week low. Currently, the counter is quoting at $4.63 per pound, up 0.15% on the day.

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