Base Metals Preview: COMEX copper stabilizes above $5 per pound mark

COMEX copper is steadying on Wednesday morning in Asia following an over 3% spike during the week. Mixed performance on Wall Street amid uncertainty about the near-term outlook for the markets weighed slightly on the red metal. The Dow jumped 559.33 points or 1.18 percent to finish at 47,927.96, while the NASDAQ slumped 58.87 points or 0.25 percent to close at 23,468.30 and the S&P 500 rose 14.18 points or 0.21 percent to end at 6,846.61.Currently, the counter is quoting at $5.06 per pound, down marginally on the day. On the MCX, copper futures continue to hold above Rs 1000 per kg.

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