Base Metals Preview: COMEX copper loses momentum from three-week high

COMEX copper is seen inching lower from around three-week peak on Wednesday morning in Asia amid renewed concerns surrounding Middle East turmoil. However, modest gains on Wall Street overnight are seen limiting losses in the counter. Wall Street was able to shake off early weakness and find modest gains on Tuesday, with each of the three major averages hitting record closing highs for the third day in a row. The Dow added 228.91 points or 0.45 percent to finish at 51,307.79, while the NASDAQ rose 7.09 points or 003 percent to close at 27,093.90 and the S&P 500 added 9.86 points or 0.13 percent to end at 7,609.82. The red metal is currently holding around a three-week high at $6.67 per pound, marginally lower on the day.

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