Base Metals Preview: COMEX copper lingers near $6 per pound mark

COMEX copper futures are trading lower on Tuesday morning in Asia, slipping toward $6.10 per pound as tighter U.S. monetary policy expectations weigh on the industrial metals market. Central bank commentary reiterating its commitment to control inflation has prompted investors to scale back expectations for interest rate cuts, curbing demand outlooks. Market participants are closely watching for the upcoming monthly U.S. jobs report later this week for clearer hints on the Fed's next policy moves. Besides, broad gains in US markets overnight are likely to cap downside in the counter. The Nasdaq surged 522.53 points or 2.1 percent to 25,820.14, the S&P 500 jumped 86.41 points or 1.2 percent to 7,440.43 and the Dow climbed 306.63 points or 0.6 percent to 52,182.74.Currently, the red metal is quoting at $6.17 per pound, down 0.7% on the day.

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