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London copper gains on softer dollar but heads for weekly fall

London copper edged up on Friday as a. softer U.S. dollar made greenbackpriced metals more affordable to. holders of other currencies, however was set for a weekly decline. in the middle of caution ahead of the U.S. presidential election and a secret. policy meeting in China.

Three-month copper on the London Metal Exchange (LME). increased 0.7% to $9,569 per metric load by 0647 GMT, while. the most-traded December copper contract on the Shanghai Futures. Exchange (SHFE) increased 0.1% to 76,570 yuan ($ 10,748.63) a. ton.

LME copper is set for a fifth straight week of decrease, down. 0.4% up until now this week.

The dollar index was headed for its very first weekly loss in. 5 weeks and steadied on Friday, as financiers awaited the U.S. tasks report ahead of the Federal Reserve's monetary policy. conference and a close-call U.S. governmental election next week.

The outcome of the Nov. 5 election will choose how the. policies on the planet's biggest economy will shape in the next. 4 years.

The election's far-reaching implications for international. economic policies and trade relations seal its position as the. main driver for metals price movements, currently, said. analysts at BMI.

The Chinese legislative body will satisfy between Nov. 4 and. Nov. 8 and market participants are wishing for stimulus steps. that might increase physical metals demand.

The premium to import copper into China has actually been stable at. $ 48 a heap, below $69 last month, showing softer need.

LME aluminium increased 0.7% to $2,636 a load, nickel. increased 0.8% to $15,840, zinc advanced 0.5% to. $ 3,043.50, lead climbed 1.3% to $2,046.50 and tin. gotten 0.2% at $31,275.

SHFE aluminium edged up 0.2% at 20,780 yuan a lot,. tin included 0.7% to 255,970 yuan, lead edged up. 0.9% at 16,840 yuan, nickel rose 0.1% to 123,930 yuan,. while zinc fell 1.1% to 24,865 yuan.

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(source: Reuters)