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London base metals dip on more powerful dollar; focus on US election results

Prices of Londonlisted base metals declined on Wednesday as the U.S. dollar rallied, while early results from the U.S. presidential election indicated a tight race.

Three-month copper on the London Metal Exchange (LME). fell 0.8% to $9,665.5 per metric heap by 0134 GMT after. striking a three-week peak on Tuesday.

LME aluminium reduced 0.5% to $2,648 a heap, nickel. dipped 0.1% to $16,100, zinc lost 1.1% at. $ 3,068, lead decreased 0.3% to $2,022 and tin. slipped 0.5% to $32,200.

Polls are closed in 25 U.S. states as of 0100 GMT. Republican politician Donald Trump will win 8 states, while Democrat. Kamala Harris will catch three states and Washington, D.C.,. Edison Research predicted, although the outcome remains. unpredictable with critical battleground states unlikely to be. required hours and even days.

The dollar index was up 0.9%, making greenback. priced-metals more pricey for other currency holders.

On the other hand, China is thinking about more than $1.4 trillion in. extra debt over the next couple of years, a fiscal plan that is. anticipated to be more reinforced if Trump wins the governmental. race, sources stated.

A meeting of the standing committee of China's National. People's Congress, concluding on Nov. 8, is being closely. looked for stimulus hints.

China is the greatest customer of base metals.

Experts and traders have also kept in mind that a prospective second. term for Trump might cause the reintroduction of tariffs,. which may adversely impact worldwide base metals trading.

While the most-traded December copper agreement on the. Shanghai Futures Exchange (SHFE) firmed 0.2% to 77,590. yuan ($ 10,883.56) a ton.

SHFE aluminium included 0.7% at 21,085 yuan a load,. nickel got 1.3% to 125,680 yuan, zinc rose. 0.9% to 25,070 yuan, tin inched up 0.3% to 262,840. yuan, while lead reduced 0.7% to 16,680 yuan.

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(source: Reuters)