Base Metals Preview: COMEX copper up over 1% in early Asia

COMEX copper is ascending gains around a three month high on Thursday morning in Asia tracking slight pull back in dollar early in Asia. Moreover, LME Copper inventories dropped further in last session. Inventories slipped 400 tonnes to 144975 tonnes - testing around seven week low, supporting gains in the red metal. Meanwhile, major averages on Wall Street finished the day off their worst levels but still moderately lower. The Dow slid 171.50 points or 0.4 percent at 46,121.28, the Nasdaq fell 75.62 points or 0.3 percent to 22,497.86 and the S&P 500 dipped 18.95 points or 0.3 percent to 6,637.97. Currently, the counter is up more than 1% at $4.86 per pound.

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