Base Metals Preview: COMEX copper tumbles to one-month low

COMEX copper tumbled to over one-month low on Thursday as Asian markets are trading mostly lower on Thursday, despite the broadly positive cues from Wall Street overnight, amid a re-escalation in the Middle East conflict after a deadly attack on a Saudi oil field overnight sent crude oil prices spiking and added to concerns over supply disruptions and global inflationary pressures. The Nasdaq jumped 278.04 points or 1.1 percent to 26,702.86, the Dow climbed 360.21 points or 0.7 percent to 52,856.09 and the S&P 500 rose 44.60 points or 0.6 percent to 7,757.17. Currently, the red metal is quoting at $6.49 per pound, down 1.5% on the day.

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