METALS-Copper ticks up on bullish Chile outlook, Fed policy uncertainty caps gain

SHANGHAI, Nov 20 (Reuters) - Copper rose on Thursday as Chile's state copper commission, Cochilco, lifted its price outlook to record levels, though gains were capped by uncertainty over the U.S. Federal Reserve's December rate decision.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 closed daytime trading up 0.14% at 86,080 yuan ($12,099.23) per metric ton.

The benchmark three-month copper CMCU3 on the London Metal Exchange posted little gain, up by 0.07% at $10,760.5 a ton as of 0700 GMT.

Cochilco hiked its forecast of 2025 and 2026 copper prices to record highs, in line with market expectations amid production constraints in the world's top copper-mining nation.

The commission now sees the 2025 average copper price at $4.45 a pound, and forecasts $4.55 for 2026, both up from $4.30 previously.

The gain in copper futures also comes as global markets stabilize following several days of selloff in the run-up to Nvidia earnings and a pending December rate cut in the United States. MKTS/GLOB

Nvidia's earnings topped market expectations on Wednesday, helping to steady nerves.

All eyes are now on U.S. jobs data later on Thursday, after minutes from the Fed's latest policy meeting showed that the central bank officials remained divided, adding to growing doubt about another cut in December.

China, meanwhile, imported 279,944 tons of copper cathodes in October, down 22.10% year-on-year and 15.65% on a monthly basis, according to official customs data on Thursday.

Among other SHFE base metals, zinc SZNcv1 dipped 0.13%, nickel SNIcv1 shed 0.20%, tin SSNcv1 dropped 0.12%, while aluminium SAFcv1 and lead SPBcv1 were little changed.

Among other LME metals, aluminium CMAL3 was up 0.39%, zinc gained 0.30%, lead CMPB3 was unchanged, nickel CMNI3 dropped 0.51% and tin CMSN3 dipped 0.17%.

($1 = 7.1145 Chinese yuan renminbi)