Three-month copper on the London Metal Exchange (LME) rose 0.7% to $9,569 a tonne by 0647 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) edged up 0.1% to 76,570 yuan ($10,748.63) a tonne.
LME copper is set to fall for a fifth straight week, down 0.4% so far this week.
The dollar index is headed for its first weekly loss in five weeks and steadied on Friday, as investors await the U.S. jobs report ahead of the Federal Reserve’s monetary policy meeting and next week’s U.S. presidential election.
The outcome of the November 5 election will determine how policy in the world's largest economy will shape the next four years.
“The election’s far-reaching implications for global economic policies and trade relations cement its position as the main catalyst for current metal price volatility,” analysts at BMI said.
China's legislature will meet from November 4-8 and market participants are hoping stimulus measures could boost demand for physical metals.
Copper import premiums into China remained steady at $48 a tonne, down from $69 last month, indicating weaker demand.
LME aluminium rose 0.7% to $2,636 a tonne, nickel rose 0.8% to $15,840, zinc rose 0.5% to $3,043.50, lead rose 1.3% to $2,046.50 and tin rose 0.2% to $31,275.
SHFE aluminum rose 0.2% to 20,780 yuan a tonne, tin rose 0.7% to 255,970 yuan, lead rose 0.9% to 16,840 yuan, nickel rose 0.1% to 123,930 yuan, while zinc fell 1.1% to 24,865 yuan.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-2-11-tang-gia-do-dong-usd-yeu-hon.html
Comment (0)