Nov 9 (Reuters) - Copper prices advanced on Monday, with the
London contract hovering around the key level of $7,000 a tonne,
as Democrat Joe Biden's victory in the U.S. presidential
election dented the U.S. dollar.
The three-month copper contract on the London Metal Exchange
rose 0.3% to $6,966 a tonne by 0701 GMT, while the
most-traded December copper contract on the Shanghai Futures
Exchange closed up 0.7% to 51,840 yuan ($7,881.29) a
The dollar hit a 10-week low as investors heralded
President-elect Biden's win by buying trade-exposed currencies
on expectations that a calmer White House could boost world
commerce and that monetary policy will remain easy.
A cheaper dollar made greenback-priced metals more
attractive to holders of other currencies.
"It's risk-on sentiment because of the certainty of the
results of the U.S. presidential election. (London copper) will
break $7,000 and head to around $7,150 and fall back here again
around $7,000," said a Singapore-based metal trader.
Also supporting sentiment was data showing China's exports
grew at the fastest pace in 19 months in October, while imports
also rose, as the world's top copper consumer continued to
recover from its coronavirus-driven slump early this year.
* LME nickel jumped 2.8% to $15,790 a tonne,
aluminum rose 0.5% to $1,911.50 a tonne, while ShFE zinc
advanced 2.8% to 20,465 yuan a tonne and ShFE lead
increased 1.4% to 14,545 yuan a tonne.
* China's copper imports rose 43% year-on-year in October,
official data showed on Saturday, and set a new annual peak with
two months to spare, highlighting the country's economic
* Codelco on Friday agreed a contract with a major Chinese
buyer for 20,000-30,000 tonnes of annual copper supply at a
premium of $88 a tonne in 2021, sources said.
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($1 = 6.5776 yuan)
(Reporting by Mai Nguyen; Editing by Rashmi Aich)