Copper metal price on November 4: price increase

Three-month copper on the London Metal Exchange (LME) rose 0.5%.

Three-month copper on the London Metal Exchange (LME) rose 0.5% to $9,554.50 a tonne.

Industrial metal prices were supported by a weaker US dollar, making greenback-denominated metals cheaper for holders of foreign currencies.

The dollar erased early gains to trade lower after US non -farm payrolls growth missed expectations amid storm disruptions and strikes by aerospace factory workers in October.

The weak labor market has traders pricing in about a 99% chance of a quarter-point interest rate cut for the U.S. central bank's meeting on Nov. 7, compared with 92% previously.

Lower interest rates discourage foreign investment, putting pressure on the dollar.

Industrial metals trading volumes remain generally low as the market waits and seesaws amid uncertainty over the Nov. 5 presidential election, said CRU analyst Craig Lang.

The election outcome will determine the tariff policy between the US and top metals consumer China. Polls show a tight race between Donald Trump and Kamala Harris.

The turmoil pushed the offshore dollar/yuan on Friday to levels not seen since August 2015.

The US election outcome could even affect the scale of China's stimulus aimed at reviving the fragile economy of the world's largest metals consumer.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-4-11-tang-gia.html