COMEX copper is trading marginally lower this morning after gaining traction in the previous session, supported by a sharp decline in the US dollar. The recent weakness in the greenback is likely to remain a positive factor for copper, while firmer overnight equity markets could help keep prices around the $6.50-per-pound level.

Following several sessions of weakness, Wall Street equities staged a modest recovery on Wednesday. The Dow Jones Industrial Average gained 119.65 points, or 0.2%, to close at 53,463.05. The Nasdaq Composite rose 41.38 points, or 0.2%, to 26,331.09, while the S&P 500 advanced 16.22 points, or 0.2%, to 7,707.98.

With the dollar retreating and risk sentiment showing signs of improvement, copper could find near-term support despite the mild early-session weakness.