Latest News

Copper drifts up with all eyes on United States election, China conference

Copper rates edged higher on Tuesday, while traders waited for more stimulus cues from leading customer China as well as the result of the U.S. governmental election.

Three-month copper on the London Metal Exchange (LME). rose 0.2% to $9,718.5 per metric heap by 0225 GMT, while. the most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) increased 0.9% to 77,660 yuan. ($ 10,929.56) a heap.

The U.S. dollar was on the back foot, making. greenback-priced commodities more appealing to other currency. holders.

Copper's short-term trend will depend on who wins the. election and what details the Chinese authorities reveal ... A. Trump presidency could push prices as it will intensify. trade tensions with China, Marex consultant Edward Meir stated.

The U.S. presidential election will occur on Tuesday,. however the winner of the razor-thin race between Democrat Kamala. Harris and Republican Donald Trump might not be known for days. after the polls close.

On the other hand, financiers extensively expect the Federal Reserve to. cut rate by 25 basis points at the end of its two-day meeting on. Thursday.

This week's conference of China's National Individuals's Congress. standing committee is also in focus as investors look for any. further information on stimulus steps.

China's services activity broadened at the fastest pace in. three months in October, assisted by early indications that Beijing's. huge stimulus push was helping improve business conditions, a. private-sector study revealed.

Chin's economic health is important for base metals because it. is the largest consumer and greatly counts on these metals for. its vast production sector.

LME aluminium inched up 0.2% to $2,625.5 a lot,. nickel climbed 0.5% to $16,090, zinc gained 0.3%. at $3,044.50, lead increased 0.2% to $2,036.50 and tin. rose 0.2% to $32,220.

SHFE aluminium included 1% at 20,980 yuan a heap,. nickel fell 0.4% to 124,320 yuan, zinc lost. 0.6% to 24,955 yuan, lead reduced 0.1% to 16,780 yuan. and tin rose 0.4% to 262,600 yuan.

For the leading stories in metals and other news, click. or.

(source: Reuters)