Base Metals Preview: COMEX copper near one-week low

COMEX Copper is holding around a one-week low on Monday morning in Asia tracking mild recovery in dollar overseas although sharp rebound in US equities on Friday kept the red metal supported. The tech-heavy Nasdaq led the way higher, jumping 342.26 points or 1.3 percent to 26,690.62. The S&P 500 also climbed 47.68 points or 0.6 percent to 7,757.64, while the narrower Dow rose 151.83 points or 0.3 percent to 54,036.93. Meanwhile, LME Copper inventories linger around five-month low, offering excellent support for the metal even as Chinese Copper imports trends reflect tepid demand picture. General Administration of Customs data showed 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% on YoY basis.

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