Off The Wire
METALS-Copper slips as dollar gains, China imports disappoint
* Dollar extends recovery on post-election relief
* China October copper imports fell, data shows
(Recasts, updates prices, adds details/quote; changes dateline)
By Maytaal Angel
LONDON, Nov 8 (Reuters) - Copper slipped on Thursday as the dollar extended its recovery after U.S. midterm elections and data showed copper imports by top buyer China fell in October.
China consumes nearly half the world's copper and data showed its imports of the metal in October fell 19 percent from September. Still, analysts were not too downbeat about copper's prospects.
"There's a Golden Week effect in (the data). October data is usually lower. I would still expect relatively high refined copper imports over the fourth quarter because the import arbitrage has been wide open," said Colin Hamilton, head of commodities research at BMO Capital Markets.
The copper import data was part of a batch of China trade figures that showed much stronger-than-expected exports as shippers rushed goods to the United States to beat higher tariff rates due to kick in at the start of next year.
Import growth also defied forecasts for a slowdown, suggesting Beijing's growth-boosting measures to support the cooling economy may be slowly starting to have an impact. "Two or three weeks ago ... the feeling was that China wasn't reacting quickly enough to the weaker equity markets but now we're getting better figures... it should be supportive (of copper) in the short term," said Hamilton.
* PRICES: Three-month copper on the London Metal
Exchange fell 0.9 percent to $6,098 a tonne by 1117 GMT, while
aluminium prices dipped 0.2 percent to $1,981.50.
* DOLLAR: The dollar rose as the market breathed a sigh of relief after the U.S. midterm elections and investors turned their attention towards the Federal Reserve policy meeting. A stronger dollar makes dollar-priced metals costlier for non-U.S. investors.
* CHINA ALUMINIUM: China's aluminium exports fell in October as sliding domestic production meant less metal was available for overseas markets.
* CHINA-U.S. TRADE: The U.S. Commerce Department said it would impose final duties on Chinese common alloy aluminium sheet products.
* BRAZIL ALUMINIUM: Top alumina refinery Alunorte in Brazil, run by Norsk Hydro , will remain on half capacity for environmental violations following a Wednesday federal court ruling.
* INDONESIA TIN: Indonesia's refined tin exports in October fell 42 percent from a month earlier to 5,109 tonnes, official data showed, following the introduction of restrictions on some sales last month by the country's only tin-trading bourse.
* JAPAN METALS: Japan's Sumitomo Metal Mining Co cut its full-year forecast, blaming lower-than-expected metal prices, reduced nickel output and the U.S.-Sino trade spat which it said shows no sign of abating.
(Additional reporting by Mai Nguyen Editing by Susan Fenton)Messaging: firstname.lastname@example.org) ))
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