Base Metals Preview: COMEX copper hovers around 2-month high

COMEX copper continues to add to gains, reaching a two month high tracking positive cues from equities. The major averages on Wall Street all finished the day in positive territory. The Nasdaq climbed 88.89 points or 0.4 percent to 22,844.05, the Dow rose 78.62 points or 0.2 percent to 46,519.72 and the S&P 500 inched up 4.15 points or 0.1 percent to 6,715.35. Meanwhile, the sharp surge in the red metal during the week followed Freeport-McMoRan?s declaration of force majeure on contracted shipments from Indonesia?s Grasberg mine after a fatal mudslide, with the site accounting for 3% of global copper supply. The metal is still lingering around two-month high and is largely holding onto a near 6% rise in last month. Currently, the counter is quoting at $4.96 per pound, up 0.26% on the day.

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