Copper gains on softer dollar as US jobs growth data disappoints
Recasts after U.S. data
By Julian Luk
London Nov 1 (Reuters) -Copper prices rose on Friday as disappointing U.S. October jobs gain has firmed up chances of Federal Reserve interest-rate cut next week to weaken the dollar.
Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.6% to $9,558 per metric ton during official rings.
The industrial metals prices were supported by a weaker dollar, which makes greenback priced metals cheaper for holders of foreign currencies.
The dollar .DXY erased early gains to trade lower after U.S. nonfarm payrolls gains fell short of expectations amid disruptions from hurricanes and strikes by aerospace factory workers in October.
A soft labour market made traders pricing about a 99% chance of a quarter-point interest-rate cut for U.S. central bank meeting on Nov. 7, compared to 92% before.
A lower interest rate discourage foreign investments to pressure the dollar.
Trading volumes in industrial metals overall remained thin with market taking a wait-and-see approach amid the uncertainty over the Nov. 5 presidential election, said CRU analyst Craig Lang.
The election outcome is a determinant of tariff policies between U.S. and top metals consumer China. Polls indicate a close race between Donald Trump and Kamala Harris.
The uncertainty pushed dollar/offshore yuan CNHSWO= on Friday to a level not seen since August 2015.
The U.S. election result could even affect the size of China's stimulus to revive the fragile economy of the world's biggest metals consumer.
Beijing mulled issuance of over 10 trillion yuan ($1.4 trillion) in extra debt, a fiscal package that would be further bolstered if Trump is elected.
Whether the stimulus could feed into Chinese industrial sector remains a key question for metal investors.
China's October manufacturing activity swung back to expansion for the first time in six months, with improvement in export orders close to the year-end.
For other metals, lead CMPB3 rose to one-week high of $2,070 earlier. It last traded at $2,069.
LME aluminium CMAL3 rose 0.9% to $2,642 a ton, nickel CMNI3 increased 2.3% to $16,075, zinc CMZN3 advanced 0.9% to $3,057 and tin CMSN3 gained 1.2% at $31,590.
Reporting by Julian Luk; Additional reporting by Mai Nguyen; Editing by Sumana Nandy, Janane Venkatraman and Tom Hogue
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
