Base Metals Preview: COMEX copper takes a breather after hitting record high

COMEX copper witnessed mild pull back after hitting record high levels in the previous session. Currently, the red metal is quoting lower by 0.6% on the day but continues to stay above $6 per pound mark. The commodity likely drew support from positive equities. The Dow jumped 484.90 points or 1.0 percent to 49,462.08, the Nasdaq climbed 151.35 points or 0.7 percent to 23,547.17 and the S&P 500 rose 42.77 points or 0.6 percent to 6,944.82. Meanwhile, a strike that began on January 2 at the Mantoverde copper mine in Chile propped up the metal by around 5% early this week.

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