Base Metals Preview: COMEX copper hovers around three-week high

COMEX copper hovers over three week high on Friday morning in Asia tracking positive cues from equities. Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, as traders remain cautiously optimistic about easing of hostilities in the Middle East. However, firmness in dollar amid persistent worries surrounding West Asia war is likely to limit gains in the red metal. Rising LME and Shanghai Copper inventories are also weighing on the metal which is currently quoting at $5.77 per pound, up around 0.19% on the day.

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