London copper edged up on Friday as a softer US dollar made greenback-priced metals cheaper to holders of other currencies, but was set for a weekly decline amid caution ahead of the US presidential election and a key policy meeting in China.
Three-month copper on the London Metal Exchange (LME) rose 1% to $9,596 per metric ton by 0403 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) rose 0.2% to 76,610 yuan ($10,751.83) a ton.
LME copper is set for a fifth straight week of decline, down 0.1% so far this week.
The dollar index was headed for its first weekly loss in five weeks and steadied on Friday, as investors awaited the US jobs report ahead of the Federal Reserve’s monetary policy meeting and a close-call US presidential election next week.
The outcome of the Nov. 5 election will decide how the policies in the world’s biggest economy will shape in the next four years.
The Chinese legislative body will meet between Nov. 4 and Nov. 8 and market participants are hoping for stimulus measures that could boost physical metals demand.
The premium to import copper into China has been stable at $48 a ton, down from $69 last month, indicating softer demand.
Copper prices dip
LME aluminium rose 1% to $2,642.50 a ton, nickel increased 0.4% to $15,775, zinc advanced 0.9% to $3,057, lead climbed 1.1% to $2,041.50 and tin gained 0.8% at $31,470.
SHFE aluminium edged up 0.5% at 20,845 yuan a ton, tin added 1.3% to 257,550 yuan, lead edged up 0.6% at 16,790 yuan, nickel rose 0.3% to 124,140 yuan, while zinc fell 0.4% to 25,030 yuan.
Source: Brecorder
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