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Base metals increase on weaker dollar, but trade thin ahead of United States election

Prices of base metals rose on Monday on a softer U.S. dollar, however trading remained thin amidst care around the unpredictability of who will end up being the next U.S. President.

Three-month copper on the London Metal Exchange (LME). rose 0.5% to $9,616.50 per metric heap by 0312 GMT, while. the most-traded December copper contract on the Shanghai Futures. Exchange (SHFE) increased 0.4% to 76,780 yuan. ($ 10,810.28) a heap.

The dollar slipped as investors braced for a potential pivot. today for the global economy as the United States picks a. brand-new leader on Tuesday and, most likely, cuts interest rates once again.

A softer dollar makes greenback-priced metals more affordable to. holders of other currencies. A rates of interest cut will also. likely aid enhance financial growth and eventually physical metals. need.

U.S. Democratic candidate Kamala Harris and Republican. Donald Trump remain virtually incorporated opinion polls and the. winner might not be understood for days after voting ends.

Things are likely to be relatively unpredictable with thin volumes. till there is clarity on the U.S. election outcome. The. scenario is unusually stark since of the prospective difference. in terms of tariff and trade policy depending upon the victor,. said Guy Wolf, Global Head of Market Analytics at Marex. Spectron.

In addition, there is little clearness around whether. post-election actions will match pre-election rhetoric. So it. will be a challenging trading environment, stated Wolf.

LME aluminium edged up 0.4% to $2,611.50 a lot,. nickel climbed 0.7% to $16,050, zinc acquired 0.1%. at $3,073.50, lead increased 0.2% to $2,057.50 and tin. rose 1.5% to $32,210.

SHFE aluminium included 0.1% at 20,790 yuan a lot,. nickel rose 0.8% to 124,300 yuan, zinc. innovative 0.2% to 25,010 yuan, lead increased 0.7% to. 16,805 yuan and tin jumped 2.7% to 262,520 yuan.

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(source: Reuters)