Copper Leading Declines Among Industrial Metals

Copper somewhat quietly taking a hit today, with Dec20 futures off around 3% on the day (around 2.5% in past 90 minutes) to hit new weekly lows. Now narrowing the gap with Sep24 low, which was lowest since mid-August.

Some citing dampening hopes for stimulus (which would suggest the rally over past week or so was on baked in expectations of imminent bipartisan deal) but most prices could see some support on newsflow out of Chile, where a looming workers strike at the Candelaria mine could see production at the one of the country's largest mines closed at short notice.

Also worth recalling it's the beginning of China's Golden Week holidays, which could be dampening demand from Chinese importers.