Base Metals Preview: COMEX copper lingers around one and half month low

COMEX copper lingers around a one and half month low on Wednesday morning in Asia, extending recent streak of losses as dollar stands tall amid hawkish Fed stance and as US stocks showed another significant move to the downside late yesterday. The major averages all ended the day in negative territory. The Nasdaq plunged 579.56 points or 2.2 percent to 25,587.04, the S&P 500 tumbled 107.33 points or 1.4 percent to 7,365.46 and the Dow edged down 45.87 points or 0.1 percent to 51,666.84. Meanwhile, the dollar index hovered around 101.24 this morning, trading at its highest level in more than a year as expectations for Federal Reserve rate hikes this year remained strong. Currently, the red metal is quoting at $6.12 per pound, down 0.72% on the day.

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