Copper advances on weaker dollar, but heading for weekly loss
Business
Three-month copper on the London Metal Exchange (LME) rose
(Reuters)--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 greenback.
Three-month copper on the London Metal Exchange (LME) rose 0.1% to $8,317.50 per metric ton by 0333 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange (SHFE) advanced 0.2% to 67,810 yuan ($9,423.29) a ton.
Both contracts, however, were set for the fourth straight weekly decline.
The dollar eased on Friday, making greenback-priced metals cheaper to holders of other currencies, but it was headed for a second weekly gain in a row on signs of resilience in the US economy and caution about rate cuts from central bankers.
LME aluminium increased 0.2% to $2,168.50 a ton on Friday, nickel rose 0.5% to $16,235, lead advanced 0.5% to $2,087, tin was up 0.4% at $25,460, while zinc fell 0.1% to $2,460.50.
SHFE aluminium fell 0.3% to 18,705 yuan a ton on Friday, zinc declined 0.7% to 20,700 yuan, while nickel increased 0.9% to 128,340 yuan, lead advanced 1.1% to 16,390 yuan, and tin was up 0.4% at 213,860 yuan.
Tin was the only metal across the base metal sector that is on set for a weekly gain on both the LME and SHFE.
“Despite a partial resumption of mining in Wa State (in Myanmar), tin mines remain closed in the lead-up to the Lunar New Year,” Tom Langston, an analyst at the International Tin Association, said in a note.
“Meanwhile, focus intensifies on Indonesia’s upcoming presidential election, with potential implications for tin export policy,” he added.
