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London copper futures ticked lower on Tuesday, while Shanghai metal fell 2 percent, but trade is expected to be low-key across markets ahead of the US presidential election later in the day. Metals' direction is likely to be steered by the dollar, at $1.2683 against the euro at 0404 GMT, after rising to $1.2598 on Monday.
Analysts say a win by Democrat Barack Obama, who is leading his Republican opponent, John McCain, in most polls, could be marginally more positive for the dollar. "Markets have priced in an Obama win because of his lead in the polls. But if the Democrats win really big in the Senate and the House, we will see a sharp move in equity markets and by extension, commodities," said MF Global analyst Edward Meir.
"There are strong arguments for a rise or a fall - bears make the case that additional spending may weigh - but my feeling is that markets will move higher as a strong majority will allow the administration to pass legislation more easily."

Copyright Reuters, 2008

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