COMEX copper is attempting a recovery after falling nearly 2% in the previous session from levels close to record highs. A modest pullback in the US dollar from a one-week high has provided some support to the red metal, which was last quoted at $6.63 per pound.

However, weak equity markets could limit the upside in copper. Overnight, the Dow Jones fell 113.52 points, or 0.2%, to 53,463.88, while the Nasdaq declined 21.10 points, or 0.1%, to 26,130.20. The S&P 500 edged lower by 1.58 points to 7,675.70.

Meanwhile, fresh data from China offered some support to the industrial metals outlook. China’s industrial profits rose 17.6% year-on-year to CNY 4.58 trillion in the first seven months of 2026, easing from an 18.7% increase during January-June.

Despite the moderation, profit growth remained strong, pointing to continued resilience in China’s industrial sector despite broader economic challenges.