London copper rises on China stimulus hope, rebounds from knee-jerk slump
Updates prices; adds quotes, details
By Mai Nguyen
Nov 7 (Reuters) -Copper prices rose in London on Thursday on hopes of further China stimulus and as prices rebounded from Wednesday's slump,triggered by a knee-jerk sell off after Donald Trump won the U.S. presidency.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 1.1% to $9,449 per metric ton by 0423 GMT. The contract fell to its lowest since Sept. 18 to$9,302 a ton on Wednesday.
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 1.4% to 76,370 yuan ($10,644.35) a ton. Earlier in the session, it hit 75,520 yuan, its lowest since Sept. 23, tracking overnight losses in London.
"There's market expectations China will ramp up its stimulusmeasures due to Trump's victory to counteract the fallout from Trump's proposed tariff plan on Chinese imports," said a trader.
The U.S. Federal Reserve is expected to further cutinterest rates later in the day, which will likelysupport economic growth and metals demand andweaken the dollar, making greenback-priced metals cheaper to holders of other currencies.
However, Donald Trump'swin spurred concerns that major electrification initiatives would be rolled back, dampening demand for metals, including copper, and that the global metals demand-supply balance could be impacted, causing potential price swings.
"I doubt if bulls will be interested in metals. Trump's anti-China, anti-green and dollar-supportive policies will keep metals sliding," said Sandeep Daga, a director at Metal Intelligence Centre.
LME aluminium CMAL3 rose 0.8% to $2,635.50 a ton, nickel CMNI3 increased 1.2% to $16,315, zinc CMZN3 advanced 1.5% to $3,016.50, while lead CMPB3 eased 0.2% to $2,044 and tin CMSN3 rose 0.8% to $31,610.
SHFE aluminium SAFcv1 rose 1.7% to 21,425 yuan a ton, nickel SNIcv1 advanced 0.9% to 127,050 yuan, lead SPBcv1 climbed 1.2% to 16,880 yuan, while zinc SZNcv1 was nearly flat at 25,100 yuan and tin SSNcv1 dropped 0.9% to 260,380 yuan.
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($1 = 7.1747 yuan)
Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich and Sumana Nandy
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
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