Base Metals Preview: Copper rebounds from 6-week low but gains seen limited amid cautious sentiments ahead of Fed

COMEX copper rebounds from around six weeks low on Wednesday morning in Asia although gains are seemingly short-lived amid pressure on the red metal from higher dollar, looming Fed rate hike and weak equities. Stocks in US moved mostly lower during trading on Tuesday. The major averages all moved to the downside on the day, with the S&P 500 dropping to its lowest closing level in over a month. The Dow declined 328.09 points or 0.6 percent to 52,093.11, the Nasdaq slid 204.84 points or 0.8 percent to 25,981.57 and the S&P 500 fell 34.25 points or 0.5 percent to 7,585.73. The counter is currently quoting at $6.48 per pound, 0.63% on the day.

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