Base Metals Preview: COMEX copper recovers from 3-week low

COMEX copper is edging higher after a sharp slide to a near 3 week low tracking dollar strength that accelerated gains to above 100 mark. Sell-off in equities and uncertainty surrounding Fed decision is dampening investor sentiments. The tech-heavy Nasdaq posted a particularly steep loss on the day, plunging 486.09 points or 2.0 percent to 23,348.64. The S&P 500 also slumped 80.42 points or 1.2 percent to 6,771.55, while the narrower Dow slid 251.44 points or 0.5 percent to 47,085.24. Weak manufacturing data from top consumer China also weighed on sentiment, clouding the demand outlook for industrial metals. The red metal is currently quoting at $4.96 per pound, up 0.25% on the day. MCX copper eased under Rs 1000 per kg.

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