Base Metals Preview: COMEX copper stays largely unmoved in early Asia

COMEX Copper continues to stay largely unchanged in early Asian trades on Monday, lingering near a four month low. The counter is seen trading at $4.49 per pound. Equities were mixed. The Nasdaq and the S&P 500 moved to the downside, although the narrower Dow managed to post a modest gain. While the Dow inched up 34.86 points or 0.1 percent to 44,946.12, the S&P 500 fell 18.74 points or 0.3 percent to 6,449.80 and the Nasdaq slid 87.69 points or 0.4 percent to 21,622.98. Despite the lower close on the day, the Nasdaq and the S&P 500 advanced by 0.8 percent and 0.9 percent, respectively, for the week. The Dow also posted a strong weekly gain of 1.7 percent. Meanwhile, worries over Chinese demand weighed as market reports stated that China's new yuan loans declined in July for the first time in 20 years.

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