By Nov 9 (Reuters) – London copper prices edged up closer to $7,000 on Monday, as a weakening U.S. dollar after Democrat Joe Biden’s victory in the U.S. presidential election made greenback-priced metals more attractive to buyers holding other currencies.
Three-month copper on the London Metal Exchange rose 0.6% to $6,990.50 a tonne by 0221 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange advanced 1.3% to 52,160 yuan ($7,912.14) a tonne.
The dollar hit a 10-week low as investors heralded Biden’s election as U.S. president by buying trade-exposed currencies on expectations that a calmer White House could boost world commerce and that monetary policy will remain easy.
FUNDAMENTALS
* LME nickel jumped 2.3% to $15,710 a tonne, aluminum rose 0.6% to $1,912.50 a tonne, while ShFE zinc advanced 2% to 20,310 yuan a tonne and ShFE lead increased 1.4% to 14,545 yuan a tonne.
* China’s copper imports rose 43% year-on-year in October, official data showed on Saturday, and set a new annual peak with two months to spare, highlighting the country’s economic recovery.
* Codelco on Friday agreed a contract with a major Chinese buyer for 20,000-30,000 tonnes of annual copper supply at a premium of $88 a tonne in 2021, sources said.
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MARKETS NEWS
* Shares surged, oil prices jumped and the dollar stayed weak as expectations of fewer regulatory changes and more monetary stimulus under U.S. President-elect Joe Biden supported risk appetite.
DATA/EVENTS
No major data or events.
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS
($1 = 6.5924 yuan)
(Reporting by Mai Nguyen; Editing by Rashmi Aich)
Source: Reuters
