LONDON: Copper prices fell in London on Friday and were set for a weekly decline, as a stronger dollar made greenback-priced metals more expensive to holders of other currencies. Three-month copper on the London Metal Exchange inched down 0.1% to $9,480.50 a tonne by 0138 GMT, falling 2.5% on a weekly basis.
The most-traded September copper contract on the Shanghai Futures Exchange was almost unchanged at 69,580 yuan ($10,763.90) a tonne. The dollar was supported in the lead up to the release of US employment data, as markets braced for the numbers that could make the case for faster US policy tightening.
The union representing workers at Chile’s Escondida copper mine, the world’s largest, on Thursday instructed its members to prepare for a strike due to slow progress in contract talks being mediated by the government.
Tin and aluminium prices are likely to outperform the rest of the base metals complex in the second half of 2021 on strong demand and tight supply, state-backed Chinese research house Antaike said on Thursday.