Base Metals Preview: COMEX copper tracks good gains in US equities

COMEX copper is holding around a one and half week high on Wednesday morning in Asia tracking a bull run on Wall Street that reopened after a long weekend. The tech-heavy Nasdaq surged to a new record closing high on Tuesday. The S&P 500 also advanced to a new record closing high, while the narrower Dow showed a modest move to the downside. The Dow dipped 118.02 points or 0.2 percent to 50,461.68, but the S&P 500 climbed 45.65 points or 0.6 percent to 7,519.12 and the Nasdaq shot up 312.21 points or 1.2 percent to 26,656.18. Besides, a muted DXY also supported gains in the red metal which is currently quoting at $6.44 per pound, up 1.13% on the day.

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