Most base metal prices rose on Wednesday as investors and traders took increasing bets that the US monetary policy tightening cycle might be over after job openings in that country fell to more than a 2-1/2-year low in October.
Three-month copper on the London Metal Exchange rose 0.5 percent to $8,379 per metric ton, while the most-traded January copper contract on the Shanghai Futures Exchange eased 0.5 percent to 67,870 yuan ($9,484.22) a ton.
LME aluminum advanced 0.3 percent to $2,167 a ton, nickel climbed 3.7 percent to $16,735, zinc rose 0.7 percent to $2,439.50, lead increased 0.9 percent to $2,069 and tin jumped 1.8 percent to $24,420.
SHFE nickel climbed 1.6 percent to 129,770 yuan a ton, zinc edged up 0.3 percent at 20,585 yuan, tin increased 1.9 percent to 204,820 yuan while aluminum eased 0.1 percent to 18,455 yuan and lead fell 0.4 percent to 15,585 yuan.
US job openings fell to a more than a 2-1/2-year low in October, the strongest sign yet that higher interest rates were dampening demand for workers and boosting financial markets expectations the Federal Reserve’s monetary policy tightening cycle was over.
Higher rates usually lead to a stronger dollar, which makes greenback-priced metals more expensive to holders of other currencies. Rising interest rates also often hurt economic growth, which is linked to metals demand.