Base Metals Preview: COMEX copper holds above $6.5 per pound mark

COMEX copper rebounded to $6.52 per pound on Thursday morning in Asia although momentum was restricted by muted overnight equities. The Nasdaq slid 146.30 points or 0.6 percent to 25,690.90 and the S&P 500 edged down 10.24 points or 0.1 percent to 7,498.96. The narrower Dow spent most of the day in positive territory but closed down 6.06 points or less than a tenth of a percent at 52,218.58. Asian markets are trading mixed this morning, following the broadly negative cues from Wall Street overnight, as traders seemed reluctant to make significant moves amid concerns about the escalating Middle East conflict between the U.S. and Iran and the related surging crude oil prices after shipping traffic across the Strait of Hormuz has vastly diminished. However, a slight pull back in dollar index is seen supporting the red metal near one-month highs.

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