Mumbai, 05 Nov (Commoditiescontrol): Copper prices rose on Tuesday as traders awaited possible stimulus measures from China and closely watched the outcome of the U.S. presidential election.
On the London Metal Exchange (LME), three-month copper gained 0.2% to $9,718.5 per metric ton, while the December copper contract on the Shanghai Futures Exchange (SHFE) rose 0.9% to 77,660 yuan ($10,929.56) per ton.
A weaker U.S. dollar also boosted copper, making dollar-denominated commodities more attractive to holders of other currencies. "Copper’s short-term direction depends on the election results and any updates from Chinese officials," noted Marex consultant Edward Meir. "A Trump win could pressure prices due to potential trade tensions with China."
The U.S. presidential election between Democrat Kamala Harris and Republican Donald Trump is expected to be close, and the final outcome may not be known immediately. Markets are also looking ahead to the Federal Reserve’s meeting this week, where a 25-basis-point rate cut is anticipated.
Investors are keeping a close watch on China’s National People’s Congress standing committee meeting for signs of further economic support. A recent survey indicated that China's services sector grew at its fastest rate in three months in October, suggesting early positive effects from Beijing’s stimulus measures.
China’s economic performance is vital for base metals like copper due to its large manufacturing demand. Other base metals on the LME also edged up, with aluminium rising 0.2% to $2,625.5 per ton, nickel gaining 0.5% to $16,090, zinc up 0.3% at $3,044.50, lead rising 0.2% to $2,036.50, and tin up 0.2% at $32,220.
In Shanghai, aluminium rose 1% to 20,980 yuan per ton, while nickel dipped 0.4% to 124,320 yuan, zinc fell 0.6% to 24,955 yuan, lead edged down 0.1% to 16,780 yuan, and tin rose 0.4% to 262,600 yuan per ton.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
