Base Metals Preview: COMEX copper jumps to three-week high

COMEX copper jumped to a three-week high on Wednesday morning in Asia tracking sharp weakness in dollar overseas. Dollar came under pressure after US and Iran agreed to a two-week ceasefire that boosted sentiments. Equities market rallied globally, supporting the red metal. The major averages on Wall Street also climbed well off their lows of the session before eventually closing narrowly mixed. The Nasdaq inched up 21.51 points or 0.1 percent to 22,017.85 and the S&P 500 crept up 5.02 points or 0.1 percent to 6,616.85, while the narrower Dow dipped 85.42 points or 0.2 percent to 46,584.46. Currently, the counter is quoting at $5.70 per pound, up 2.52% on the day.

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