SINGAPORE: Copper prices edged higher on Tuesday, while traders awaited more stimulus cues from top consumer China as well as the outcome of the U.S. presidential election.
Three-month copper on the London Metal Exchange (LME) rose 0.2% to $9,718.5 per metric ton by 0225 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) increased 0.9% to 77,660 yuan ($10,929.56) a ton.
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 officials disclose.
Trump presidency could pressure prices as it will exacerbate trade tensions with China,” Marex consultant Edward Meir said.
The U.S. presidential election will take place on Tuesday, but the winner of the razor-thin race between Democrat Kamala Harris and Republican Donald Trump may not be known for days after the polls close.
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