BEIJING: Iron ore futures slid in the first working day of the week when the market would closely monitor the US presidential election and a key meeting of the top leadership in biggest consumer China for cues on stimulus measures.

China’s National People’s Congress (NPC) Standing Committee is meeting over Nov. 4-8 and all eyes are on whether more stimulus measures would be unveiled to spur the economy.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.78% lower at 766 yuan ($107.69) a metric ton, as of 0238 GMT. The benchmark December iron ore on the Singapore Exchange slid 1.01% to $101.7 a ton, as of 0242 GMT. It hit the lowest since Oct. 25 at $101.25 a ton earlier in the session.