Base metals rebound

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HANOI- Base metals prices largely rose on Thursday, rebounding from a slump in the previous session triggered by a knee-jerk sell off after Republican Donald Trump won the US presidential election.

Three-month copper on the London Metal Exchange (LME) rose 0.4 percent to $9,383.50 per metric ton.  The contract fell to its lowest level since Sept. 18 of $9,302 a ton on Wednesday.

The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) fell 1.8 percent to 76,050 yuan ($10,583.96) a ton. Earlier in the session, it hit 75,520 yuan, its lowest level since Sept. 23, tracking overnight losses in London.

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A Trump win spurred concerns that major electrification initiatives would be rolled back, dampening demand for metals including copper, aluminum, nickel and lithium.

The pledges Trump made so far could also disrupt the global metal supply chain and impact the demand-supply balance, causing potential price swings.

However, metals prices were supported by hopes of stimulus announcements from China, where the top legislative body is meeting this week. The country accounts for around half of the global copper demand. The US Federal Reserve is also expected to cut interest rate later in the day, which is likely to support economic growth and metals demand, as well as weaken the dollar, making greenback-priced metals cheaper to holders of other currencies. 

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