Base Metals Preview: COMEX copper spikes over 1% in early Asia

COMEX Copper futures climbed higher in early Asian trades on Friday tracking pullback in dollar overseas. However, poor equities, Chinese cues and soaring inventories are also seen adding pressure on the counter. The red metal is currently quoting at $5.86 per pound, up 1.21% on the day. The major averages on Wall Street saw a notable recovery attempt in the final hour of trading but still closed in negative territory. The Dow tumbled 784.67 points or 1.6 percent to 47,954.74, the S&P 500 slid 38.79 points or 0.6 percent to 6,830.71 and the Nasdaq fell 58.50 points or 0.3 percent to 22,748.99.

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