Copper hits seven-week low ahead of US midterm elections
LME copper fell to its lowest since September 15 as investors weighed US midterms, Iran tensions and a weaker yuan.
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what happened
Copper dropped to a seven-week low on Tuesday, according to Reuters. Benchmark three-month copper on the London Metal Exchange slid 2.46% to $13,992 a metric ton by 0700 GMT. Investors are cautious ahead of the US midterm elections and the course of the US-Iran conflict, which has clouded the outlook for global growth.
A weaker yuan added pressure, as the dollar rose 0.38% against the Chinese currency and made dollar-priced purchases more expensive for Chinese buyers. Some support came from tight physical supply in China, where the Yangshan copper premium stayed near a more-than-decade high of $200 a ton.
Other LME base metals also fell: aluminium lost 1.45%, zinc 2.32%, lead 1.08%, nickel 0.78% and tin 4.14%.
why it matters
Traders are also watching whether the election outcome could change the chances of a US tariff on imported copper. That prospect pushed copper to a record earlier this year, and prices fell after a Reuters report said the White House had yet to decide on the levy.
market impact
Copper and industrial metals: risk-off mood and a weaker yuan weigh on prices
- Copper (LME) pressure down — cautious investors ahead of elections and costlier dollar purchases for Chinese buyers
- Yuan pressure down — the dollar rose 0.38% against the yuan, adding pressure on metals
tags
instruments
sources
- Copper falls to 7-week low ahead of US midterm election — Reuters, 3 November 2026 at 07:48 UTC
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