London copper gains on softer dollar but heads for weekly fall
Updates prices, adds quotes
By Mai Nguyen
Nov 1 (Reuters) -London copper edged up on Friday as a softer U.S. dollar made greenback-priced metals cheaper to holders of other currencies, but was still set for a weekly decline amid caution ahead of the U.S. presidential election and a key policy meeting in China.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.5% to $9,553 per metric ton by 0814 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed nearly flat at 76,520 yuan ($10,741) a ton.
LME copper is set for a fifth straight week of decline, down 0.5% 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 U.S. jobs report ahead of a Federal Reserve monetary policy meeting and a close-call U.S. presidential election next week.
China's legislative body will also meet next week and market participants are hoping for stimulus measures that could boost physical metals demand.
The market has been taking a wait and see approach amid the uncertainty surrounding the U.S. election, a potential further Federal Reserve rate cut, and whether China will announce further economic stimulus next week and whether that stimulus meets market expectations, said CRU analyst Craig Lang.
"These are the key events likely to influence copper prices," Lang said.
The premium to import copper into China has been stable at $48 a ton, down from $69 last month, indicating softer demand.
LME aluminium CMAL3 rose 0.6% to $2,633 a ton, nickel CMNI3 increased 1.6% to $15,970, zinc CMZN3 advanced 0.3% to $3,036.50, lead CMPB3 climbed 2.2% to $2,063 and tin CMSN3 gained 0.5% at $31,355.
SHFE aluminium SAFcv1 edged up 0.3% at 20,795 yuan a ton, tin SSNcv1 added 0.6% to 255,870 yuan, lead SPBcv1 edged up 0.9% at 16,840 yuan, nickel SNIcv1 rose 0.2% to 124,050 yuan, while zinc SZNcv1 fell 1% to 24,865 yuan.
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($1 = 7.1239 yuan)
Reporting by Mai Nguyen in Hanoi; Editing by Sumana Nandy, Janane Venkatraman and Tom Hogue
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