Copper prices rose on Friday on Chinese stimulus hopes, but were set for the biggest quarterly fall since September on weak Chinese data and prospects of further rate hikes.
Three-month copper on the London Metal Exchange rose 0.8% to $8,244 per metric ton by 0319 GMT, but was still down 8.3% from the previous quarter.
Strong US economic data kept the dollar firm and made greenback-priced metals more expensive to holders of other currencies.
China’s economic growth has slowed in recent months, raising hopes for stimulus. The country plans to promote household consumption and has pledged more steps to boost demand.
The most-traded August copper contract on the Shanghai Futures Exchange rose 0.2% to 67,390 yuan ($9,296.97) per metric ton.
LME nickel has been the worst performance across the base metals complex so far this year, down 31.3% to $20,635 per metric ton.
LME aluminium rose 0.5% to $2,170.50 per metric ton on Friday, but was down 10% on a quarterly basis, on track for the biggest quarterly fall since the end-September 2022.
Zinc has been the second worst performer across LME base metals, down 19.2% year-to-date.
But it improved in June and was up 0.7% at $2,360 per metric ton on Friday.
LME tin is the only LME base metal gaining on a year-to-date basis, up 8.3% to $26,860 per metric ton.
Copper slides on strong dollar, weak data from China
LME lead advanced 0.7% to $2,064.50 per metric ton, but is set for the biggest weekly decline since Feb. 3.
SHFE aluminium edged up 0.5% at 18,080 yuan per metric ton, nickel increased 1.7% to 157,990 yuan, zinc advanced 0.6% to 20,080 yuan, lead rose 0.1% to 15,470 yuan and tin jumped 3.9% to 220,630 yuan.
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