Base Metals Preview: Pullback in DXY provides bullish support to copper at record high level

COMEX copper surged back to record high levels on Tuesday morning in Asia tracking a pull back in dollar amid a surging yen. DXY under 99 mark is fuelling gains in the red metal which is quoting at $6.79 per pound, up 1.56% on the day. Meanwhile, Asian stock markets are trading mixed on Tuesday, following the mixed cues from European markets and lack of cues from Wall Street overnight, as traders remain concerned about the Middle East conflict and the spike in crude oil prices which is heightening global inflation and economic growth worries. Asian markets closed mostly higher on Monday. The US attacks on Iranian tankers and Tehran's threat of a new restricted zone outside the Strait of Hormuz raised concerns about disruptions to energy flows.

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