The U.S. is set to hold a political election on Tuesday between President Barack Obama and challenger Mitt Romney, which polls indicate is razor thin. China, the globe's largest consumer of the industrial metal, is implementing its once-per-decade leadership change. Two central banks are conducting meetings this week.
"From a sentiment point of view and fundamental perspective, I think investors will wait and see what happens with the election. It looks like that is going to be quite a close call," analyst Gayle Berry with Barclays told the news source. "That's the nearest thing in the horizon that might spark something in either direction" regarding the prices of base metals.
At 8:35 a.m. on Monday, copper futures fell 0.7 percent, a 0.0245-cent loss to $3.457 per pound.
Bloomberg reports the globe's biggest manufacturer of copper said it is likely to cut down on premiums charged to buyers in China, marking the second consecutive year of implementing the measure.
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