News that Japanese copper exports to China declined in August from last year's levels might have been the key factor for the overnight dip in copper prices. While China remains on holiday, weak Chinese data flows may continue to dampen interest in physical commodity markets like copper. However, copper has been partially supported this week by US economic data that has come in slightly better than expected.

However, that string could end this morning after a private jobs estimate is released as early calls for the ISM Non-manufacturing report today call for a slight weakening. Recently, copper has tracked classic physical commodity market fundamentals, while gold and silver have reacted to the ebb and flow of contral bank easing prospects.

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