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Shanghai copper rose almost 3 percent on Wednesday, but London prices shed 1.7 percent in profit taking after rising more than 6 percent overnight. Traders said gains in the dollar, which rose about a third of a percent against the euro, was spark enough to ignite profit taking.
While in the background markets watched Democrat candidate Barack Obama beat Republican rival John McCain in the race for the presidency. "The move lower isn't significant after the rally on Tuesday and it's hardly surprising that people want to take some profits," a trader in Singapore said.
London Metal Exchange copper for delivery in three months fell 2.1 percent to $4,260 at 0347 GMT after rallying more than 6 percent overnight when the dollar saw its biggest one-day plunge against the euro since the single currency was launched in 1999. Other base metals also edged down after steep losses. Nickel fell $200 or 1.6 percent to $12,700 after a sharp 7.5 percent rise. Zinc which jumped 6 percent on Tuesday, gave up 3.2 percent to $1,200 and tin also pared gains.

Copyright Reuters, 2008

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