London copper rises; set for second weekly drop on dollar strength, demand woes
- While a firmer dollar made greenback-priced metals on the London Metal Exchange more expensive to holders of other currencies.
HANOI: London copper prices edged up on Friday, but the contract was on track for a second week of losses due to a firm dollar and demand worries from top consumer China.
Chinese markets will remain closed from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.
While a firmer dollar made greenback-priced metals on the London Metal Exchange more expensive to holders of other currencies.
However, copper prices have been supported from low level of inventories and hopes of further US stimulus that could boost demand for the red metal.
LME three-month copper rose 0.2% to $7,838 a tonne by 0428 GMT. On a weekly basis, it was down 0.2%, on track for the second straight week of losses.
The most-traded March copper contract on the Shanghai Futures Exchange rose 0.7% to 58,030 yuan ($8,961.47) a tonne.
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