BEIJING: Copper prices found some support from a weaker dollar on Friday, while heading for monthly losses, as demand for the metal fell below expectations amid slow global economy.
Three-month copper on the London Metal Exchange added 0.4% at $8,622.50 a tonne by 0203 GMT. The contract has lost 4.1% so far this month.
The most-traded June copper contract on the Shanghai Futures Exchange rose 0.7% to 67,230 yuan ($9,725.86) a tonne, down 3% so far in March. The dollar index fell on Friday, making it more attractive for non-dollar holders to buy the greenback-priced commodity.
The price rises followed by opportunistic buying after falling to a four-month low in the previous session, as supply headwinds still weighed on investors sentiment, according to an ANZ research note.
Chinese copper miner MMG Ltd recorded a 15% on-year drop in its first quarter copper production to 58,644 tonnes, while it maintained full-year copper production guidance at between 305,000 tonnes and 353,000 tonnes.
Throughout April, copper prices remained under pressure as slow economic growth globally clouded the demand outlook of the metal widely used in transportation, construction and home appliances.
LME aluminium added 0.3% at $2,326 a tonne, nickel gained 0.5% to $24,225, zinc rose 1.1% to $2,649, tin was up 1.2% to $26,195, and lead ticked 0.8% up to $2,115.50.
Copper rebounds from near four-month low
SHFE aluminium slid 0.5% to 18,480 yuan a tonne, lead edged down 0.2% to 15,260 yuan, while tin climbed 1.1% to 210,320 yuan, nickel rose 2.1% to 183,730 yuan and zinc was up 0.5% to 21,330 yuan.
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