Base Metals Preview: COMEX Copper Lingering Near $3.5 Mark In Asia

8 Aug 2022 , 08:38 AM

COMEX copper was oscillating between red and green in early Asia at the start of the week after Chinas overall imports grew slower than expected in July suggesting weak domestic demand amid lockdowns across the country. However, customs data showed that China increased purchases for unwrought copper and copper ores & concentrates, supporting the red metal. China imports rose by 2.3% on year to USD 231.7 billion in July. Meanwhile, a sharp fall in copper inventories also kept the commodity supported. The red metal is currency lower by 0.15% at $3.54 per pound. Powered by Commodity Insights