NEW DELHI: Copper prices in London edged higher on Friday, supported by a softer dollar and poised for weekly gains, although the upside was limited due to persisting uncertainty over US tariffs.
Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $9,516 a metric ton, as of 0334 GMT.
It rose 0.7% so far this week.
The US dollar was soft on Friday and is set to log its first weekly drop in five weeks against the euro and the yen, making greenback-priced commodities more attractive for buyers using other currencies.
The weakness in the dollar has been exacerbated by worries over the United States’ worsening fiscal health, sending investors scurrying for safe havens.
Last week, the US and China agreed to reduce tit-for-tat tariffs and implement a 90-day pause on actions, but there is no clarity on what will follow after the temporary truce.
Copper rallies to one-month peak on signs of improving demand
“There are uncertainties lingering around what will happen after the 90-day truce,” said ANZ Commodity Strategist Soni Kumari.
“Market will consolidate in the current range around $9,400-$9,500 a metric ton. And, once we start seeing slowdown of copper imports into the US that will pull down prices a bit.”
Among other London metals, aluminium was up 0.2% at $2,462 a ton, zinc firmed 0.2% to $2,702, lead added 0.5% to $1,980 and nickel was up 0.01% to $15,495.
Tin firmed 0.3% to $32,475.
The most-traded copper contract on the Shanghai Futures Exchange (SHFE) was down 0.1% at 77,830 yuan ($10,806.6) per ton.
SHFE aluminium was down 0.1% to 20,170 yuan a ton, zinc added 0.1% to 22,455 yuan, lead was up 0.3% at 16,830 yuan, nickel edged 0.7% lower to 122,660 yuan, and tin fell 0.6% to 264,230 yuan.
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