COMEX copper futures are inching higher in early Asian trades on Wednesday as US equities crept up overnight. The red metal is currently quoting at $5.68 per pound, up 0.74% after falling by over 2.5% yesterday. The Dow inched up 32.26 points or 0.1 percent to 49,533.19, the Nasdaq edged up 31.71 points or 0.1 percent to 22,578.38 and the S&P 500 crept up 7.05 points or 0.1 percent to 6,843.22. On the U.S. economic front, the National Association of Home Builders released a report showing homebuilder confidence has unexpectedly seen a modest deterioration in the month of February. The report said the NAHB/Wells Fargo Housing Market Index edged down to 36 in February after slipping to 37 in January. With the unexpected dip, the housing market index dropped to its lowest level since hitting 32 last September.
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