London copper prices crept towards the psychological level of $8,000 a tonne on Tuesday, as a weaker dollar made greenback-priced metals cheaper to holders of other currencies.

Three-month copper on the London Metal Exchange advanced 0.9% to $7,933.50 a tonne by 0600 GMT. The contract surpassed $8,000 a tonne last month, but quickly retreated.

“We are only 70 dollars away so yes we can be at $8,000 soon. It’s all about more money. If Democrats get Senate tonight, I guess we will move even higher,” said commodities broker Anna Stablum of Marex Spectron.

Investors on Tuesday were paying attention to elections in the U.S. state of Georgia which will decide whether the Democrats can take over the Senate – a change that could boost stimulus in the world’s largest economy.

Copper is often used as a gauge of global economic health.

Meanwhile, the U.S. dollar slipped after the central bank in China, the world’s biggest metal consumer, lifted its official yuan midpoint by the most since it abandoned a decade-old peg against the dollar in 2005.

The most-traded February copper contract on the Shanghai Futures Exchange rose 0.2% to 58,180 yuan ($9,008.28) a tonne.

FUNDAMENTALS

* Combined copper inventories in LME, ShFE and COMEX warehouses edged up slightly to 262,705 tonnes on Monday, but were still hovering near their lowest since September 2014 of 253,496 tonnes, Refinitiv Eikon data showed.

* Yangshan copper premiumrose to $62.50 a tonne, its highest since Sept. 11, indicating improving demand for imported metal into China.

* LME aluminum fell 0.4% to $2,022.50 a tonne, nickel rose 1% to $17,585 a tonne, zinc advanced 1% to $2,821 a tonne. ShFE aluminum rose 0.2% to 15,335 yuan a tonne and nickel jumped 2.2% to 129,580 yuan a tonne.