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METALS-Industrial metals dip as dollar gains on tight race in early U.S. poll results

(Updates prices)

Nov 4 (Reuters) - Industrial metals declined on Wednesday as a stronger U.S. dollar made greenback-priced metals more expensive for buyers holding other currencies, but prices were supported by hopes for further U.S. stimulus.

The U.S. dollar jumped and risk-sensitive currencies weakened, as early results in the U.S. presidential election showed a very tight race between Republican President Donald Trump and his Democratic challenger Joe Biden, prompting a wind-back of bets on a victory by Biden.

Three-month copper on the London Metal Exchange fell 1.5% to $6,711 a tonne by 0731 GMT.

Aluminium dropped 2.1% to $1,866 a tonne, zinc declined 1.8% to $2,520 a tonne, nickel lost 1.7% to $15,105 a tonne and tin was down 0.5% at $17,980 a tonne.

“Price has been like a roller coaster. In the morning, market was crazy. It’s quieter in the afternoon. Metal (market) is stable now, at least. Stimulus sure is in the pipeline,” said a commodities broker in Singapore.


* The most-traded December copper contract on the Shanghai Futures Exchange closed up 0.2% to 51,610 yuan ($7,685.55) a tonne, while aluminium dipped 0.4% to 14,750 yuan a tonne.

* Aluminum Corp of China Ltd,, or Chalco, said on Tuesday it would sell a 135,000 tonnes annual aluminium smelting capacity quota to Yunnan Aluminium, continuing the sector’s migration to China’s hydropower-rich southwest.

* The recovery in China’s service sector activity extended into a sixth straight month in October, an industry survey showed, with hiring picking up to the highest level in a year but overseas demand slipping.

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$1 = 6.7152 yuan Reporting by Mai Nguyen; editing by Uttaresh.V and Rashmi Aich