London copper lost its 1.75 percent gain after the US Senate approved the $700 billion financial plan. Copper fell $12 to $6,148 a tonne.  Copper is up from its Wednesday low of $6,120, the lowest since March 2007.

In base metals the market is looking very heavy … and there is a growing chance that copper could test last year’s low of $5,675 a tonne.”

Copper turnover was a high 1,644 lots in electronic dealing, despite the week-long closure of Shanghai markets for the National Day holidays.

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Numbers for the Institute for Supply Management (ISM) indicated a drop in manufacturing activity to below 50, which suggests a contraction.  September showed 43.5.

Workers at Xstrata’s Kidd copper-zinc processing facilities in Canada have walked off and and mineworkers in Poland and Peru are also threatening strikes.

But Rio Tinto Ltd/Plc Chief Executive, Tom Albanese, said demand from fast-growing China could offset any slowdown elsewhere.

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