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METALS-Copper rises as dollar weakens after Biden wins U.S. election

Nov 9 (Reuters) - London copper prices edged up closer to $7,000 on Monday, as a weakening U.S. dollar after Democrat Joe Biden’s victory in the U.S. presidential election made greenback-priced metals more attractive to buyers holding other currencies.

Three-month copper on the London Metal Exchange rose 0.6% to $6,990.50 a tonne by 0221 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange advanced 1.3% to 52,160 yuan ($7,912.14) a tonne.

The dollar hit a 10-week low as investors heralded Biden’s election as U.S. president by buying trade-exposed currencies on expectations that a calmer White House could boost world commerce and that monetary policy will remain easy.

FUNDAMENTALS

* LME nickel jumped 2.3% to $15,710 a tonne, aluminum rose 0.6% to $1,912.50 a tonne, while ShFE zinc advanced 2% to 20,310 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 recovery.

* 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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MARKETS NEWS

* Shares surged, oil prices jumped and the dollar stayed weak as expectations of fewer regulatory changes and more monetary stimulus under U.S. President-elect Joe Biden supported risk appetite.

DATA/EVENTS

No major data or events.

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.5924 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)

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