Base Metals Preview: COMEX copper holds around $6 per pound

COMEX copper hovers around $6 per pound mark on Wednesday morning in Asia awaiting clarity on US-Iran negotiations. The recent tension in Middle East is seen hurting growth which typically hampers copper prices. The dollar index nudged up marginally above 98 mark, making greenback-denominated metals more expensive. Meanwhile, negative cues from equities are likely to limit upside in the counter which is currently holding up half a percent at $6.04 per pound. Asian stock markets are mostly lower on Wednesday, following the broadly negative cues from Wall Street overnight, amid the uncertainty about the ongoing war in the Middle East after U.S. President Donald Trump again extended the two-week ceasefire indefinitely until Tehran submitted a unified proposal to end the war with the U.S. and Israel. The major averages on Wall Street ended the day just off their lows of the session. The Dow slid 293.18 points or 0.6 percent to 49,149.38, the Nasdaq declined 144.43 points or 0.6 percent to 24,529.96 and the S&P 500 fell 45.13 points or 0.6 percent to 7,064.01.

Powered by Commodity Insights