Base Metals Preview: COMEX copper extends slide

COMEX copper continues to slide for the second straight day and is trading at $4.84 per pound, down 0.29% on the day. Copper futures eased yesterday following a sharp surge of over 2.5% in the previous session. The metal rallied following Freeport-McMoRan?s declaration of force majeure on contracted shipments from Indonesia?s Grasberg mine after a fatal mudslide, with the site accounting for 3% of global copper supply. Meanwhile, data yesterday showed China's industrial profits returned to growth in August amid broadly choppy undertone on economic front.

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