LONDON- Copper prices rose for a fifth day on Friday as the dollar continued to weaken.
Investors are betting that Democrat Joe Biden will win the US presidency but Republicans will control the Senate, blocking government borrowing and potentially paving the way for more central bank stimulus.
Such reasoning sparked a stock market rally and put the dollar on track for its worst week since March, making metals cheaper for buyers outside the United States.
Benchmark three-month copper on the London Metal Exchange (LME) was up 1.2 percent at $6,932.50 a ton. It is up more than 3 percent this week and pushing towards October’s 28-month peak of $7,034.
“The copper market looks rather strong from a fundamental point of view,” said Julius Baer analyst Carsten Menke.
