Base Metals Preview: COMEX copper up more than 1% in early Asia

COMEX copper climbed on Monday morning in Asia as dollar weakened to around 7-week low under 100 mark. The dollar index fell toward 99.5 on Monday, extending its decline to a fifth consecutive session after Japan confirmed it had carried out coordinated yen-buying operations with the US, while Bank of Japan data indicated the country may have spent as much as $58.97 billion on Thursday. Copper also continued to draw support from its favorable long-term demand outlook, fueled by the global shift toward clean energy and the rapid expansion of artificial intelligence data centers. However, the red metal stayed cautious over the prospect of new US tariffs on the metal. Meanwhile, private data showed China's manufacturing activity slowed to a four-month low in July as output and new orders expanded at a weaker pace, dampening the demand outlook. Currently, the counter is qupting at $6.54 per pound, up more than 1% as compared to previous close.

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