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.