Base Metals Preview: COMEX copper hovers near three-week high

COMEX copper holds around a three week high at $6.38 per pound following a 1.5% jump in the previous session as reduced expectation of Fed rate hike weighed on greenback and supported gains in the red metal. Meanwhile, data from China showed industrial production grew 5.3% yoy in June, accelerating from a 4.5% rise in May and surpassing expectations of 4.6%. It was the strongest growth in industrial production since March. However, China's economy expanded 4.3% year-on-year in Q2 2026, slowing from 5.0% in Q1. It marked the weakest annual growth since Q4 2022. The major averages on Wall Street all finished the day in positive territory, with the tech-heavy Nasdaq posting a standout gain. The Nasdaq ended the day off its highs of the session but still closed up 233.83 points or 0.9 percent at 26,107.01. The S&P 500 also climbed 28.25 points or 0.4 percent to 7,543.59.

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