Base Metals Preview: COMEX copper slumps over 1% in early Asia

COMEX copper slumped over 1% in early Asia on Tuesday tracking dollar strength and weak equities overnight. The dollar index that measures the greenback against a basket of currencies is quoting at 100.83, its highest level in 13-months amid growing consensus of a Federal rate hike. Stocks on Wall Street moved mostly lower during trading on Monday following the strong performance seen during last Friday's session. The tech-heavy Nasdaq showed a significant move to the downside. The Nasdaq saw continued weakness late in the day, closing down 351.33 points or 1.3 percent at 26,166.60. The S&P 500 also fell 27.79 points or 0.4 percent to 7,472.79, while the narrower Dow bucked the downtrend and rose 148.01 points or 0.3 percent to 51,712.71. The red metal is currently quoting at $6.29 per pound.

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