COMEX copper retreated from a four month high in early Asian trades on Tuesday as major averages on the Wall Street finished the session firmly in negative territory. The Dow slumped 427.09 points or 0.9 percent to 47,289.33, the Nasdaq fell 89.76 points or 0.4 percent to 23,275.92 and the S&P 500 slid 36.46 points or 0.5 percent to 6,812.63. The major averages had closed higher for five consecutive sessions, clawing their way back toward their record highs that supported recent rally in the red metal. Meanwhile, a sharp surge in LME inventories to a six month high is also adding pressure on the counter that is currently quoting at $5.24 per pound, down more than 1%.

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