Base Metals Preview: COMEX copper hovers around record high levels

COMEX copper renewed gains around record high levels on Friday morning in Asia amid mounting concerns of tight supply and signs of robust demand. Besides, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement also kept the red metal supported. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade. Meanwhile, overnight equities stayed choppy, limiting gains in the counter which is currently quoting at $6.74 per pound, up almost half a percent on the day. The major averages on Wall Street all finished the day in negative territory. While the Dow slumped 464.02 points or 0.9 percent to 53,885.10, the S&P 500 dipped 13.59 points or 0.2 percent to 7,709.96 and the Nasdaq edged down 15.09 points or 0.1 percent to 26,348.35.

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