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Copper falls as dollar firms ahead of U.S. election

10/23/2020 | 01:18am EDT

Oct 23 (Reuters) - London copper prices declined on Friday as investors' caution ahead of the U.S. presidential election fuelled support for the dollar, making greenback-priced metals more expensive for buyers using other currencies.

The dollar inched higher at the end of a tough week as a measured U.S. presidential debate left investors in a cautious mood with less than two weeks away from the election.

Three-month copper on the London Metal Exchange fell 0.5% to $6,885 a tonne by 0704 GMT.

But the contract has risen 2.2% so far this week and leaped 58% since the 2020 low hit in March, underpinned by hopes for U.S. fiscal stimulus, earlier weakness in U.S. dollar and supply disruptions in Chile.

"We are now neutral to bearish towards prices in Q4 as technical indicators suggest the metal price rally is overextended," said Fitch Solutions in a report.

"Volatility and risks are elevated with the U.S. presidential elections approaching fast, which will keep investor sentiment fragile in the coming weeks," they added.

The most-traded November copper contract on the Shanghai Futures Exchange closed down 0.8% to 51,920 yuan ($7,772.80) a tonne.


* LME nickel eased 0.2% to $15,790 a tonne, zinc decreased 0.3% to $2,570 a tonne, lead dropped 0.8% to $1,797 a tonne while ShFE nickel declined 0.4% to 119,840 yuan a tonne and tin fell 0.7% to 146,110 yuan a tonne.

* The International Wrought Copper Council revised up its copper demand forecasts for this year and next as consumption starts to recover from the coronavirus, but is still projecting a first annual drop in more than a decade in 2020.

* The global nickel market surplus narrowed to 6,600 tonnes in August from 8,400 tonnes the previous month, the International Nickel Study Group said.

* For the top stories in metals and other news, click or

($1 = 6.6797 yuan) (Reporting by Mai Nguyen; Editing by Aditya Soni and Rashmi Aich)

© Reuters 2020
Stocks mentioned in the article
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UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.4726 Delayed Quote.-0.34%
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