Base Metals Preview: COMEX copper comes off a one-week high

COMEX copper edged lower from a one-week high on Tuesday morning in Asia as dollar is gaining impetus, supported by safe-haven demand as the US moved to cut Iran off from the global financial system. Treasury Secretary Scott Bessent announced plans on Monday to isolate Iran through sanctions targeting countries doing business with the Islamic Republic. Meanwhile, the Treasury Department announced an expansion of its buyback program for long-dated government debt in an effort to contain rising borrowing costs, limiting upside in the DXY. Meanwhile, stocks on Wall Street fluctuated over the course of the trading day on Monday but largely maintained a negative bias. The tech-heavy Nasdaq showed a notable decline on the day, ending the session at its lowest closing level in three weeks. The Nasdaq ended the day off its early lows but still closed down 200.26 points or 0.8 percent at 25,980.19. The S&P 500 also fell 21.51 points or 0.3 percent to 7,652.86. The red metal is currently quoting at $6.59 per pound, down 0.23% on the day.

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