All commodities are down today but copper is the laggard, down 3.3% today to 3.15. Confirms the risk off trade. It has been rebounding since early Oct but we’ve broken some support levels here.

One reason for the weakness is that data out of Japan showed copper wire shipments down 1.6% y/y. From April-Sept, they were at the second lowest level in 35 years. Certainly a sign of slowing global demand.

Shanghai-traded copper also fell below the late-Sept lows today, to a 16-month low. I believe it also hit the 6% limit down.