Base Metals Preview: Copper edges lower in early Asia amid negative cues from equities

COMEX copper snapped a three day winning streak to edge lower during Asian trades on Wednesday. Negative cues from overnight US equities weighed on the red metal that is quoting lower by 0.39% at $4.62 per pound. The tech-heavy Nasdaq slumped 175.92 points or 0.8 percent to 21,279.63 but had tumbled by as much as 1.5 percent in early trading. The S&P 500 slid 44.72 points or 0.7 percent to 6,415.54, while the Dow fell 249.07 points or 0.6 percent to 42,295.81. Meanwhile, the Institute for Supply Management released a report showing a slight increase by its reading on U.S. manufacturing activity in the month of August, although the index still indicated the sixth consecutive month of contraction. While the ISM said its manufacturing PMI inched up to 48.7 in August after falling to a nine-month low of 48.0 in July, a reading below 50 still indicates contraction.

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