Base Metals Preview: Copper futures hold above $5 per pound mark

COMEX Copper futures are seen losing ground on Wednesday morning in Asia amid pull back in overnight equities although the counter continues to hold above $5 per pound. The Nasdaq slid 153.30 points or 0.7 percent to 22,788.36, the S&P 500 fell 25.69 points or 0.4 percent to 6,714.59 and the Dow dipped 91.99 points or 0.2 percent to 46,602.98. Hopes of rising demand as World Bank is now expecting China to grow 4.2% next year, after forecasting a rate of 4% in April is supporting the red metal. Copper futures are currently seen consolidating near two-month high at $5.08 per pound, down 0.24% on the day. Meanwhile, LME Copper inventories continue to turn lower and are currently at two-month low, providing a good support to the metal.

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