Base Metals Preview: COMEX copper well supported above $6.6 per pound mark

COMEX copper stays well supported above $6.6 per pound mark on Wednesday morning in Asia supported by a drop in London Metal Exchange (LME) inventories to a six-month low, alongside supply uncertainty following the Democratic Republic of Congo's export ban on copper. US equities stayed tepid overnight but still holding near record high levels provide a powerful macroeconomic tailwind that directly supports copper price. The Nasdaq slid 159.91 points or 0.6 percent to 26,445.45, the S&P 500 fell 24.91 points or 0.3 percent to 7,728.20 and the Dow declined 184.13 points or 0.3 percent to 53,791.85. Meanwhile, MCX Copper is trading higher at approximately ₹1,377 to ₹1,383 per kg.

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