Base Metals Preview: COMEX copper extends downside in early Asia

COMEX copper stays downbeat in early Asian trades on Monday in line with weak equities. Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, on rising oil prices and global inflation worries amid uncertainty in the Middle East conflict. Traders also remain cautious ahead of the interest rate decision this week from the central banks in the US, Japan and the Eurozone. The Dow slumped 652.82 points or 1.2 percent to 52,215.16, pulling back off the one-month closing high set in the previous session. The S&P 500 also fell 39.75 or 0.5 percent to a one-month closing low of 7,623.68, while the Nasdaq slipped 53.52 points or 0.2 percent to 25,955.34, ending the day at its lowest closing level since early August. The red metal is currently quoting at $6.48 per pound, down half a percent.

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