US copper futures have fallen below major support at $298/pound.
I highlighted the level earlier.
Overnight, shares and bonds of Chinese government-sponsored company Baoding Tianwei Baobian Electric were suspended and the company appears on the way to a default. It would be the second default of a government-sponsored enterprise.
The move in copper has sparked a broader wave of risk aversion with USD/CAD now testing bids at 103.15.