Copper prices pulled back from elevated levels last week (November 2-6). Fundamentally, smelter maintenance and output cuts, coupled with smelters prioritizing long-term contract deliveries, left little spot material available, while import arrivals offered limited replenishment. However, on the macro side, China's October manufacturing PMI dropped back below the boom-bust line, and U.S. labor data exceeded market expectations, fueling rate-hike bets. The U.S. midterm elections also reinforced the narrative of synchronized global tightening, restraining risk appetite and capping copper prices.