Latest News

Copper headed for 5th weekly decline ahead of U.S. election, rate decisions

Copper costs were on track for their fifth consecutive weekly decrease with restricted turnover ahead of a week packed with key political occasions, consisting of the U.S. presidential election and monetary policy meetings.

Three-month copper on the London Metal Exchange (LME). rose 0.3% to $9,534 per metric heap by 1048 GMT on. Friday. Copper cost declined 0.7% on a weekly basis.

Trading volumes in commercial metals were short on Friday with. market taking a wait-and-see method amidst the uncertainty over. the Nov. 5 presidential election and a prospective Federal Reserve. rate cut, said CRU expert Craig Lang.

The result next Tuesday is a factor of tariff policies. between U.S. and China. Polls show a close race between. Donald Trump and Kamala Harris.

The unpredictability pressed dollar/offshore yuan on. Friday to a level not seen since August 2015.

The U.S. election result could even impact size of China's. stimulus to restore the delicate economy of the world's most significant. metals customer.

Beijing mulled issuance of over 10 trillion yuan ($ 1.4. trillion) in additional financial obligation, a financial bundle that would be even more. bolstered if Trump is chosen.

Whether the stimulus could feed into Chinese industrial. sector stays an essential concern for metal investors.

China's October production activity swung back to. growth for the first time in 6 months, with enhancement in. export orders near to the year-end.

For other metals, lead rose to one-week high of. $ 2,069 earlier. It last traded at $2,062.

LME aluminium rose 0.7% to $2,635.5 a load, nickel. increased 1.9% to $16,020, zinc advanced 0.4% to. $ 3,040.50 and tin got 0.5% at $31,380.

(source: Reuters)