Base Metals Preview: COMEX copper seen supported by firm equities

A rally on Wall Street overnight and pull back in dollar index under 99 mark are keeping copper futures supported in early Asian trades on Friday. The major averages all moved sharply higher on Friday, extending the rebound seen in the previous session. The major averages gave back some ground going into the end of the day but remained firmly positive. The Dow jumped 624.16 points or 1.2 percent to 53,686.11, the Nasdaq surged 366.23 points or 1.4 percent to 26,584.06 and the S&P 500 shot up 81.11 points or 1.1 percent to 7,747.71. For the week, the dollar index is on track to decline about 0.7%. Currently, the red metal is up marginally at $6.67 per pound.

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