Base Metals Preview: COMEX copper stays supported above $6.5 per pound mark

COMEX copper is up nearly 1% on Friday morning in Asia tracking sustained weakness in dollar as skepticism over the US government?s bond buyback plan reduced the greenback?s appeal, boosting demand for metals and other currencies. Negative cues from US equities however limit further upside in the counter which is currently quoting at $6.53 per pound. The major averages on Wall Street ended the day not far off their lows of the session. The Dow tumbled 703.84 points or 1.3 percent to 52,759.21, the Nasdaq slumped 263.92 points or 1 percent to 26,067.17 and the S&P 500 slid 66.82 points or 0.9 percent to 7,641.16. Investors now continue to monitor geopolitical developments as the US prepares sweeping new economic sanctions against Iran, pushing oil prices higher and adding to inflation concerns.

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