Base Metals Preview: Copper steadies around $6.3 per pound mark

COMEX copper steadies around $6.32 per pound on Wednesday morning in Asia amid muted equities and dollar holding at higher levels. Persistent concerns in Middle East are fuelling inflationary concerns and pushing for higher interest rates globally that could hamper growth. The major averages on Wall Street moved to the upside early in the session before pulling sharply only to regain ground in afternoon trading. The tech-heavy Nasdaq eventually ended the session down 250.84 points or 1 percent at 25,678.82. The S&P 500 also fell 19.08 points or 0.3 percent to 7,386.65, while the narrower Dow rose 86.10 points or 0.2 percent to 50,872.11.

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