Copper corrects after hitting record high

COMEX Copper futures eased ahead of weekend after hitting record highs in last session. The red metal currently trades down 1.10% at $6.63 per pound as slightly downbeat Chinese data weighed on the counter. The metal is up 2.60% this week. In Asia, China's Shanghai Composite index rose 1%. Hong Kong?s Hang Seng index added 0.54%. Japan?s Nikkei average eased 0.12%. European stocks edged up steadily ahead of weekend with German DAX soaring around 0.84%. The US stocks eased after gaining earlier this week. The S&P 500 fell 0.2% and Dow Jones slipped 0.9%. The Nasdaq composite eased 0.1%. Meanwhile, the General Administration of Customs data showed today that China's copper ore and concentrate imports were 2.379 million metric tonnes (mt) in July, with cumulative imports of 16.985 million mt from January to July, down 1.8% YoY. China's imports of unwrought copper and copper semis stood at 425,000 mt in July, with cumulative imports of 2.915 million mt from January to July, down 6.2% YoY.

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