Base Metals Preview: COMEX copper jumps to 2-week high

COMEX copper futures jump to a two week high on Wednesday morning in Asia amid pullback in dollar amid a temporary pause in a US-led effort to assist stranded vessels in exiting the Strait of Hormuz to allow time for renewed talks with Tehran. Sharp upmove in overnight equities and easing oil prices also supported the red metal. The Nasdaq jumped 258.32 points or 1 percent to 25,326.13, the S&P 500 advanced 58.47 points or 0.8 percent to 7,259.22 and the Dow climbed 356.35 points or 0.7 percent to 49,298.25. Copper futures are currently trading at $6.08 per pound, up 1.5% on the day.

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