Base Metals Preview: Copper futures edge lower tracking weak equities

COMEX copper futures edged lower in early Asia on Tuesday tracking a modest pullback in US equities as the major averages all moved to the downside, although selling pressure was relatively subdued. The major averages on Wall Street finished the day well off their lows of the session but still in the red. The Nasdaq fell 64.09 points or 0.3 percent to 24,404.39, the S&P 500 dipped 16.92 points or 0.2 percent to 7,109.14 and the Dow edged down 4.87 points or less than a tenth of a percent to 49,442.56. The red metal is quoting around a one-week low at $6.01 per pound, down over half a percent on the day.

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