Santiago. Copper could temporarily rebound to $10,000 a ton next week due to relief measures from China and the Federal Reserve (Fed), as well as the outcome of the US presidential election, Citi said on Monday.
The rise could occur due to greater equity risk in the event of a victory for Republican Donald Trump or fewer fears about possible tariffs if victory goes to Democrat Kamala Harris.
The price of copper hit a two-week peak on Monday as the dollar fell due to expectations of interest rate cuts in the United States, and as the market awaits the result of the presidential elections to be held on Tuesday.
Benchmark copper on the London Metal Exchange (LME) gained 1.1 percent on Monday to $9,679 a tonne, after hitting a session high of $9,723 earlier in the day.
The market expects the Fed to cut rates by a quarter point at its meeting this week, according to analysts, who expect further cuts in the coming months.
This puts pressure on the dollar, which when it falls makes metals priced in dollars cheaper for holders of other currencies and supports demand.
Polls show a close contest between Harris and Trump nationally and in battleground states that are expected to decide the winner of the election, although it could be days before a winner is confirmed.
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