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Copper rose on Friday as the dollar retreated, but the metal was headed for a weekly loss on weak Chinese economic data and a generally stronger dollar.
Three-month copper on the London Metal Exchange (LME) was up 0.1% at $8,317.50 a metric tonne by 03:33 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange (SHFE) was up 0.2% at 67,810 yuan ($9,423.29) and a ton.
However, both contracts were set for a fourth straight weekly decline.
The dollar weakened on Friday, making dollar-denominated metals cheaper for holders of other currencies, but headed for a second straight weekly gain on signs of resilience in the US economy and caution over rate cuts by central bankers.
LME aluminum rose 0.2% to $2,168.50 a tonne on Friday, nickel up 0.5% to $16,235, lead up 0.5% to $2,087, tin up 0.4% to $25,460, while zinc fell 0.1% to $2,460.50.
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SHFE aluminum fell 0.3% to 18,705 yuan a tonne on Friday, zinc fell 0.7% to 20,700 yuan, while nickel rose 0.9% to 128,340 yuan, lead advanced 1.1% to 16,390 yuan and 80.4% increased by 60.4% yuan.
Tin was the only metal in the base metals sector to post a weekly gain on both the LME and the SHFE.
“Despite a partial resumption of mining in Wa State (Myanmar), tin mines remain closed ahead of the Lunar New Year,” Tom Langston, an analyst at the International Tin Association, said in a note.
“Meanwhile, attention is intensifying on Indonesia’s upcoming presidential election, with potential implications for tin export policy,” he added.
Web Desk
