MARKET OVERVIEW - Copper Trades in a Tight Range as New Catalysts Awaited

Forex - Copper prices rose with the support of a weaker dollar but remained in a narrow range as market participants awaited further clues. On the London Metal Exchange (LME), three-month copper increased by 0.2% to reach $9,021 per ton at 06:49 GMT, while the January copper contract on the Shanghai Futures Exchange (SHFE) traded sideways at 73,870 yuan per ton ($10,180.12).

U.S. President-elect Donald Trump outlined details on Monday regarding planned tariffs on China, Canada, and Mexico, committing to an additional 10% tariff on all Chinese goods. Prices fell at the beginning of the week, but ultimately rebounded since the tariffs on China were lower than previously expected.

On the LME, aluminum traded up 0.1% at $2,614 per ton, nickel increased by 0.2% to $16,020 per ton, tin fell by 2.6% to $28,150 per ton, zinc rose by 0.6% to $3,094.50 per ton, and lead was up by 0.5% at $2,031 per ton.

On the SHFE, aluminum decreased by 0.4% to 20,520 yuan per ton, nickel dropped by 1.6% to 126,250 yuan per ton, tin fell by 3.2% to 234,710 yuan per ton, zinc increased by 2% to 25,610 yuan per ton, and lead rose by 0.2% to 17,225 yuan per ton.

According to official data released on Wednesday, China's industrial profits in October narrowed previous declines due to the low base from the previous year, but obstacles to earnings persist as the economy still grapples with weak demand and deflationary pressures. Market participants hope for further stimulus measures from China to support the economy, which would also boost metal consumption.