Base Metals Preview: COMEX copper jumps near record highs amid dollar pullback

COMEX copper registered a sharp jump in early Asia on Monday morning in Asia tracking a pull back in dollar overseas. The dollar index fell to around 99.5 on Monday, declining for a third straight session as cooling US economic data prompted traders to scale back expectations for an imminent Federal Reserve interest rate hike. The red metal is quoting higher by over 1.5% at $6.73 per pound, near record lows this morning although lingering uncertainty surrounding U.S.-Iran peace talks and the Strait of Hormuz, rising global bond yields and volatility in crude oil prices are keeping investors on edge. On Friday, stocks on Wall Street moved modestly lower, giving back ground after moving mostly higher over the two previous sessions. The major averages all finished the day in negative territory. The Dow dipped 107.58 points or 0.2 percent to 53,732.41, the Nasdaq fell 73.86 points or 0.3 percent to 26,729.16 and the S&P 500 slipped 13.23 points or 0.2 percent to 7,785.76.

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