Base Metals Preview: COMEX copper near two-week low amid weak equities

COMEX copper continues to stay downbeat on Tuesday morning in Asia tracking overnight equities that showed a lack of direction and moved mostly lower over the course of the trading day. The major averages all moved to the downside, extending the modest pullback seen during last Friday's session. The S&P 500 ended the day near its lows of the session, down 40.70 points or 0.5 percent at 7,745.06, pulling back further off the record closing high set last Thursday. Asian stock markets are also mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, on the continued spike in crude oil prices that stoked global inflation and interest-rate concerns amid escalating geopolitical tensions in the Middle East after Iran ruled out talks with the U.S. to extend a 60-day ceasefire that expired Monday. Currently, the red metal is trading at $6.56 per pound, down 0.84% on the day, near a two-week low.

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