BENGALURU- Prices of London-listed base metals declined on Wednesday as the US dollar rallied, while early results from the US presidential election indicated a tight race.
Three-month copper on the London Metal Exchange (LME) fell 0.8 percent to $9,665.5 per metric ton after hitting a three-week peak on Tuesday.
LME aluminum eased 0.5 percent to $2,648 a ton, nickel dipped 0.1 percent to $16,100, zinc lost 1.1 percent at $3,068, lead decreased 0.3 percent to $2,022 and tin slipped 0.5 percent to $32,200.
The dollar index was up 0.9 percent, making greenback priced-metals more expensive for other currency holders.
Meanwhile, China is considering more than $1.4 trillion in extra debt over the next few years, a fiscal package that is expected to be further bolstered if Trump wins the presidential race, sources said.
A meeting of the standing committee of China’s National People’s Congress, concluding on Nov. 8, is being closely watched for stimulus cues.
China is the biggest consumer of base metals.
Analysts and traders have also noted that a potential second term for Trump could lead to the reintroduction of tariffs, which might negatively impact global base metals trading.
While the most-traded December copper contract on the Shanghai Futures Exchange (SHFE) firmed 0.2 percent to 77,590 yuan ($10,883.56) a ton.
