Base Metals Preview: Copper futures retreat after scaling to historic all-time highs

COMEX copper futures are seen slightly lower in early Asian trades on Thursday after hitting all time high levels in the previous session. The retreat reflects intense profit-booking as investors locked in gains following an aggressive multi-day rally. Besides, mild weakness in US equities is also contributing to downside in the red metal. The major averages on Wall Street closed lower for the third consecutive session, with the Dow falling to its lowest closing level in over a month. The Dow slid 405.41 points or 0.8 percent to 52,380.66, the Nasdaq declined 168.07 points or 0.6 percent to 26,253.34 and the S&P 500 fell 37.16 points or 0.5 percent to 7,636.36. Currently, the counter is quoting at $6.84 per pound, down 0.69% on the day.

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