Metals and mining equities were caught up in the maelstrom, down 2.74% on the S&P500 and down 2.13% on the FTSE100 yesterday as most commodity prices tumbled.

In Toronto, the diversified metals and mining subset closed down 3.45%.

The copper sector was 4.97% lower with First Quantum Minerals (TSX: FM) down more than 7%.

However Nevsun Resources (TSX: NSU) was up 1.36% as it announced the final Chinese and Canadian regulatory approvals had been received for Zijin Mining's friendly takeover bid.

Australia's metals and mining equities were more than 3% lower on the S&P/ASX200 at the time of writing.

Sector heavyweight BHP (ASX: BHP) was down more than 3%. The global major officially changed its name this week from BHP Billiton to BHP Group Ltd and BHP Group Plc, part of a rebranding announced last year.

Gold is a little lower than this time yesterday but remaining above US$1,220 an ounce on the spot market.

Base metal futures were evenly split in Asian trade this afternoon, with aluminium, lead and tin up slightly but copper, zinc and nickel lower.