Copper, industrial metals climb on macro optimism after US midterms

Copper and other industrial metals advanced on Thursday as investors welcomed the outcome of the US midterm elections, Business Recorder reported. By 0300 GMT, London Metal Exchange three-month copper had added 0.48% to $14,078.5 per metric ton, while the most-active Shanghai contract rose 0.71% to 108,250 yuan ($16,221.85) per ton.

Market participants expect a divided US government to reduce policy uncertainty. A weaker dollar also supported metals by making dollar-priced commodities less costly for buyers using other currencies, although copper’s gains were limited by concerns that a Democratic victory could curb AI investment. In China, the Yangshan import premium reached $205 per ton on Wednesday, its highest level in 12 years, while nickel climbed 2.26% in London and 4.6% in Shanghai.