Base Metals Preview: COMEX copper slumps in early Asia amid rising safe-haven demand for dollar

COMEX copper slumped almost 1.5% on Monday morning in Asia as dollar strengthened amid safe haven demand as peace talks between US and Iran failed over the weekend. The red metal is currently quoting at $5.80 per pound. U.S. stock futures were down sharply as Washington prepared a blockade on Iranian port traffic after talks between the U.S. and Iran failed to produce an agreement to end the conflict in the Middle East. The failure of US-Iran talks have heightens fears of prolonged energy shock, sending oil prices to surge this morning. Dow Jones futures fell solidly Sunday night, along with S&P 500 futures and Nasdaq futures as crude oil prices surged above $100.

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