BEIJING: Copper traded in a tight range on Friday amid renewed concerns of global recession, while the metal was headed for a weekly gain driven by bright demand expectations from top consumer China and a weaker dollar.
Three-month copper on the London Metal Exchange was up 0.2% at $9,323.50 a tonne by 0202 GMT, having gained 1.5% this week and 12% so far this month.
The most-traded March copper contract on the Shanghai Futures Exchange dipped 0.2% to 70,180 yuan ($10,349.96) a tonne.
Investors betted on a strong recovery in physical demand after the Chinese New Year, while the dollar index hovered around a seven-month low, making the greenback-priced commodity more attractive for those holding other currencies.
Data on Thursday showed the US job market remained tight, reinforcing concerns that Federal Reserve would stick to its aggressive interest rate hike path that could lead the economy into a recession.
Copper hits peak since June on China optimism
Among other metals, LME aluminium rose 0.3% to $2,595 a tonne, zinc slid 0.9% to $3,425, tin nudged 0.4% higher to $28,915, and lead gained 0.6% to $2,154.50.
SHFE nickel rose 3.2% to 218,300 yuan a tonne, aluminium added 0.3% to 19,115 yuan, lead fell 0.6% to 15,210 yuan, zinc climbed 0.8% to 24,590 yuan, and tin was up 0.4% to 231,040 yuan a tonne.
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