Base Metals Preview: COMEX copper holds above $4.6 per pound mark

COMEX copper is seen subdued but holding on to gains above $4.6 per pound mark in early Asia on Wednesday as equities gave back ground after trending higher over the past few sessions. The weakness that emerged on Wall Street may partly reflected concerns stocks are overvalued following comments by Federal Reserve Chair Jerome Powell. Powell described equity prices as fairly highly valued following the recent run to record highs. Powell also addressed the outlook for monetary policy, noting the Fed is facing a challenging situation as near-term risks to inflation are tilted to the upside and risks to employment to the downside. The tech-heavy Nasdaq led the way lower, slumping 215.50 points or 1.0 percent to 22,573.47. The S&P 500 slid 36.83 points or 0.6 percent to 6,656.92, while the narrower Dow dipped 88.76 points or 0.2 percent to 46,292.78. Currently, the red metal is quoting at $4.64 per pound, down marginally on the day.

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