Dec 6 (Reuters) -
Most base metal prices rose on Wednesday as investors and traders took increasing bets that the U.S. monetary policy tightening cycle might be over after job openings in that country fell to more than a 2-1/2-year low in October.
Three-month copper on the London Metal Exchange rose 0.5% to $8,379 per metric ton by 0250 GMT, while the most-traded January copper contract on the Shanghai Futures Exchange eased 0.5% to 67,870 yuan ($9,484.22) a ton.
LME aluminium advanced 0.3% to $2,167 a ton, nickel climbed 3.7% to $16,735, zinc rose 0.7% to $2,439.50, lead increased 0.9% to $2,069 and tin jumped 1.8% to $24,420.
SHFE nickel climbed 1.6% to 129,770 yuan a ton, zinc edged up 0.3% at 20,585 yuan, tin increased 1.9% to 204,820 yuan while aluminium eased 0.1% to 18,455 yuan and lead fell 0.4% to 15,585 yuan.
U.S. job openings fell to a more than a 2-1/2-year low in October, the strongest sign yet that higher interest rates were dampening demand for workers and boosting financial markets expectations the Federal Reserve's monetary policy tightening cycle was over.
Higher rates usually lead to a stronger dollar, which makes greenback-priced metals more expensive to holders of other currencies. Rising interest rates also often hurt economic growth, which is linked to metals demand.
Consumption of metals globally has been dampened by the global economic growth slowing, with China the exception for a strong copper and aluminium demand in recent months.
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DATA/EVENTS (GMT)
0700 Germany Industrial Orders MM Oct
0700 Germany Manufacturing O/P Cur Price SA Oct
0700 Germany Consumer Goods SA Oct
0930 UK All-sector PMI Nov
1030 UK Bank of England publishes Financial
Stability Report December 2023
1330 US International Trade $ Oct
($1 = 7.1561 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Nivedita Bhattacharjee)
