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Copper dips as unpredictability counters upbeat Chinese factory information

Copper prices edged lower on Thursday as worries about additional financial stimulus in China offset an uptick in manufacturing information from the top metals consumer while investors also anxiously await the result of next week's U.S. presidential election.

Three-month copper on the London Metal Exchange ( LME) was down 0.1% at $9,532 a metric lot by 1030 GMT.

Information showed that manufacturing activity in China broadened in October for the very first time in six months, indicating stimulus steps are helping the damaged economy turn a corner.

The Caixin production study, which mostly covers smaller, export-oriented firms in China, is due on Friday.

It was an excellent increase and if the Caixin number makes a. turnaround, I think that will be an excellent indication that will help. metal markets, said Nitesh Shah, product strategist at. WisdomTree.

The most-traded December copper contract on the Shanghai. Futures Exchange (SHFE) closed 0.2% down at 76,540 yuan. ($ 10,748.79) a load.

On a regular monthly basis, LME copper has lost 3% and SHFE copper. 2.9%.

The market remains in a holding pattern, awaiting concrete. information about fiscal stimulus, Shah added.

Copper prices surged in late September to more than $10,000. a ton after a U.S. rate of interest cut and the announcement of a. series of Chinese financial assistance programmes.

Prices pulled away, however, after the scale of the stimulus. steps and a lack of information disappointed market individuals.

We might not know more information of the stimulus up until after. the U.S. election since China might be keeping back some. firepower in case trade tariffs are more aggressive under the. new administration, Shah said.

China's leading legislative body meets over Nov. 4-8 to consider. potential measures to enhance its economy.

Among other metals, LME aluminium increased 0.5% to. $ 2,630 a lot, nickel included 0.1% to $15,825, tin. was up 0.7% at $31,160 and zinc shed 0.7% to $3,065.50. while lead eased by 0.5% to $1,995.

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(source: Reuters)