Base Metals Preview: COMEX copper falters as global risk sentiment turns pessimistic

COMEX copper faltered on Friday morning in Asia following a sharp decline of over 2% in the previous session as dollar index climbed above 101 mark and US equities turned deep in red. DXY gained momentum on soaring oil prices driving inflation fears amid the ongoing turmoil. The major averages on Wall Street all moved notably lower, with the tech-heavy Nasdaq showing a particularly steep decline. The major averages ended the day off their lows of the session but still firmly negative. The Nasdaq plunged 553.21 points or 2.2 percent to 25,137.69, the S&P 500 tumbled 90.66 points or 1.2 percent to 7,408.30 and the Dow slumped 506.93 points or 1 percent to 51,711.65. Meanwhile, the red metal is seen trading at $6.32 per pound, down 0.36% on the day.

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