Base Metals Preview: COMEX copper seen cautious in early Asia

COMEX copper is holding above $6.4 mark on Friday morning in Asia tracing a pullback in dollar overseas and positive cues from US equities. The major averages on Wall Street finished the day at new record closing highs. The Nasdaq advanced 242.74 points or 0.9 percent to 26,917.47, the S&P 500 climbed 43.27 points or 0.6 percent to 7,563.63 and the Dow inched up 24.69 points or 0.1 percent to 50,668.97. DXY is consolidating in a tight range as markets price optimism over a potential US-Iran peace deal and reopening of the Strait of Hormuz. However, lack of clarity and claims that the US President is yet to approve the terms is keeping investors on the sideline and the red metal under largely unmoved. Currently, the counter is quoting at $6.41 per pound, down 0.16% on the day.

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