Base Metals Preview: COMEX copper pulls back from fresh all-time high levels

COMEX copper pulls back in early Asia on Wednesday after hitting fresh all-time high levels as strong demand continued to drive prices higher. Consumption demand for the red metal remains robust and the recent rally in technology and AI stocks has further strengthened the demand outlook. However, profit booking at record high levels and cues from mixed US equities added some downside to the red metal. The Dow sank 185.14 points or 0.36 percent to finish at 51,863.69, while the NASDAQ gained 122.18 points or 0.45 percent to close at a fresh record high of 27,244.28 and the S&P 500 eased 0.06 points or 0.00 percent to end at 7,764.64. Currently, the counter is quoting at $6.83 per pound, down 0.12% on the day.

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