The London copper market fell on Friday, November 3. Although data showed an increase in inventories in exchange-registered warehouses, the decline was limited due to the weaker dollar.
According to foreign reports, three-month copper on the London Metal Exchange (LME) fell 0.02% to $8,141.5 per ton. Although the price of Lun copper fell, the market still paid close attention to the important economic data to be released soon. Especially the U.S. non-farm payrolls data, which will provide more information on global economic conditions.
In the metals market, other major metals also experienced volatility. LME three-month nickel fell 0.1% to $19,970 a ton; three-month zinc rose 0.5% to $2,492 a ton; three-month tin rose 0.3% to $24,025 a ton. However, three-month lead rose 1.6% to $2,157 a ton, its highest since October 9, and was on track for its third straight weekly gain.
In the London copper market, despite the increase in inventories, the weakening of the U.S. dollar provided some support for prices. Typically, when the U.S. dollar falls, metal prices tend to rise because metals are often viewed as safe-haven investments. In this particular environment, LME copper prices remain under pressure despite a weaker U.S. dollar.