Base Metals Preview: Copper slides to three-and half month low

COMEX copper is seen extending downside to a three and half month low on Wednesday tracking a mixed show in equities. Meanwhile, renewed AI-stock selling and a large LME inventory build drove copper down 2% this morning and over 2.5% yesterday. The Nasdaq and S&P 500 rebounded following Monday's significant downturn, the narrower Dow moved back to the downside. The Nasdaq advanced 207.65 points or 0.8 percent to 25,372.01 and the S&P 500 rose 27.52 points or 0.4 percent to 7,568.92, but the Dow fell 197.26 points or 0.4 percent to 51,786.72. Currently, the red metal is quoting at $6.28 per pound, its lowest level since mid-July.

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