Copper metal price on November 6: price continues to increase

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.3%.

Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.3% to $9,726.50 a tonne, after hitting a two-week high earlier in the session.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 rose 0.8 percent to 77,630 yuan ($10,923.96) a tonne.

The dollar edged down to 103.81 as traders balanced positions on the eve of the U.S. election, making the metal more attractive to holders of other currencies.

Another survey also supported prices, showing China's services activity expanded at its fastest pace in three months in October, followed by an unexpectedly strong expansion in manufacturing activity.

"The short-term direction of copper will depend on who wins the election and what details Chinese officials reveal... A Trump presidency could put pressure on prices as it would exacerbate trade tensions with China," said Marex adviser Edward Meir.

This week's meeting of the standing committee of China's National People's Congress is in focus as investors look for more details on stimulus measures.

Elsewhere, the US election is proving to be a tight race between Democrat Kamala Harris and Republican Donald Trump, and the winner may not be known for days.

The US Federal Reserve (Fed) is expected to cut interest rates by 25 basis points on Thursday.

“We think copper could rally temporarily to $10,000 in the coming week, on the back of China easing, Fed easing and broader equity risk (if Trump wins) or easing tariff concerns (if Harris wins),” analysts at Citi wrote in a note.

LME aluminium CMAL3 rose 0.6% to $2,634.50 a tonne, nickel CMNI3 rose 1.1% to $16,185, zinc CMZN3 rose 0.8% to $3,060.50, lead CMPB3 rose 0.3% to $2,040 and tin CMSN3 rose 0.1% to $32,185.

SHFE aluminium SAFcv1 rose 1.2% to 21,010 yuan/t and tin SSNcv1 rose 0.3% to 262,150 yuan, while nickel SNIcv1 fell 0.2% to 124,520 yuan, zinc SZNcv1 fell 0.2% to 25,065 yuan and lead SPBcv1 fell 0.3% to 16,755 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-6-11-tiep-tuc-tang-gia.html