Shanghai Futures Exchange copper slid by 1.6 percent to 46,260 yuan ($6,734) a tonne on Monday after President Donald Trump's failure to push through healthcare reform fanned concerns over his ability to realise his economic agenda. Shfe copper has broken below support on the monthly chart at the 100-DMA and hit the lowest since March 3 at 46,150 yuan a tonne.
SHFE copper stocks saw a large 12,694 draw from warehouses in the latest week, bringing stocks down to around 312,500 tonnes, the lowest since the start of the month.
The "Trump trade" that pumped up exuberance and boosted assets including metals was reversing, said economist Amy Li at National Australia Bank in Melbourne, although she expected prices to be well supported on fundamentals.
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