Base Metals Preview: COMEX copper pulls back to one-week low; sheds over 1.5% in early Asia

COMEX copper witnessed a further downside near a one-week low on Tuesday morning in Asia as overnight equities turned lower. Stocks on the Wall Street showed a strong move to the upside in early trading on Monday but saw a significant downturn over the course of the session. The major averages pulled back well off their early highs, with the Nasdaq and S&P 500 sliding into negative territory. The tech-heavy Nasdaq slumped 272.68 points or 1.1 percent to 25,164.32, while the S&P 500 fell 38.67 points or 0.5 percent to 7,541.40. The Nasdaq and S&P 500 extended the sharp pullback seen over last Thursday and Friday's sessions, hitting their lowest closing levels in three months. The red metal is currently quoting at $6.46 per pound, down 1.67% on the day.

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