News

Copper Rises, Dollar Weakens after Biden Wins U.S. Election

Nov 9 Reuters London copper prices edged up closer to 7,000 on Monday, as a weakening U.S. dollar after Democrat Joe Bidens victory in the U.S. presidential election made greenbackpriced metals more attractive to buyers holding other currencies.

Threemonth copper on the London Metal Exchange rose 0.6 to 6,990.50 a tonne by 0221 GMT, while the mosttraded December copper contract on the Shanghai Futures Exchange advanced 1.3 to 52,160 yuan 7,912.14 a tonne.

The dollar hit a 10week low as investors heralded Bidens election as U.S. president by buying tradeexposed 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.

Chinas copper imports rose 43 yearonyear in October, official data showed on Saturday, and set a new annual peak with two months to spare, highlighting the countrys economic recovery.

Codelco on Friday agreed a contract with a major Chinese buyer for 20,00030,000 tonnes of annual copper supply at a premium of 88 a tonne in 2021, sources said.

For the top stories in metals and other news, click or

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. Presidentelect Joe Biden supported risk…

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News