Base Metals Preview: Copper stays pressured around a two-week low

COMEX copper is staying pressured near a two week low on Thursday morning in Asia as the dollar index holds near 101 and remains on track for weekly gains as a renewed conflict in the Middle East keeps safe-haven demand for the currency supported. Besides, steep losses on Wall Street overnight as US President Donald Trump said the ceasefire with Iran has ended, stoking concerns that a renewal of war could again drive inflation and push up interest rates weighed on the red metal which is currently quoting at $6.11 per pound. The Dow slumped 576.76 points or 1.1 percent to 52,348.39, pulling back further off their record closing high set on Monday. The S&P 500 also fell 21.14 points or 0.3 percent to 7,482.71, but the Nasdaq rose 51.96 points or 0.2 percent to 25,870.65.

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