Base Metals Preview: COMEX copper lingers near two and half week lows

COMEX copper futures continue to edge lower on Wednesday morning in Asia, lingering near a two and half week lows as investors are seen booking profits after the metal surged to record highs earlier this month. Persistent uncertainty on geopolitical tensions and ensuing inflation concerns are weighing on global sentiments and reducing appeal for the red metal. Extended pullback on Wall Street is also adding pressure on the counter that is currently trading at $6.47 per pound, down 0.35% on the day. The major averages on Wall Street all ended the day in negative territory. The Nasdaq slumped 355.20 points or 1.3 percent to 26,289.71, the S&P 500 slid 53.30 points or 0.7 percent to 7,691.76 and the Dow fell 116.38 points or 0.2 percent to 53,343.40.

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