Base Metals Preview: COMEX copper rebounds from one-week low

COMEX copper rebounds from a one-week low on Monday morning in Asia as oil prices recede on hopes that discussions between Qatari mediators and Iranian officials to end hostilities in the Middle East which could ease supply concerns. Dollar also pulled back under 102 mark. However, Asian stock markets are trading mixed on Monday, following the broadly negative cues from Wall Street on Friday, amid weakness in technology stock which mirrored their peers on tech-heavy Nasdaq on renewed concerns about the AI trade. This could limit upside in the red metal. On Wall Street, the Nasdaq plunged 747.73 points or 2.9 percent to 25,437.00, the S&P 500 tumbled 140.32 points or 1.8 percent to 7,580.07 and the Dow slumped 572.25 points or 1.1 percent to 51,770.31. Currently, the counter is trading at $6.51 per pound.

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