BEIJING: London copper traded in a tight range on Friday ahead of the US employment report, while prices were almost flat on-week, with investors awaiting more economic stimulus measures by top consumer China.
Three-month copper on the London Metal Exchange was up 0.1% at $8,615.50 per metric ton by 0522 GMT, having trimmed 0.5% from last week’s close.
The closely watched US nonfarm payrolls report is due later in the day.
The dollar index held steady, having retreated from a four-week high.
A weaker dollar makes the greenback-priced commodity more attractive.
The most-traded September copper contract on the Shanghai Futures Exchange moved 0.5% higher to 69,350 yuan ($9,659.58) per metric ton.
The contract, up 0.7% so far this week, is heading for a second consecutive gain.
China is expected to roll out further support to boost economic growth, especially in the property and infrastructure sectors, major consumers of industrial metals.
Copper eases after strong July, dollar growth
Fitch Ratings said it expects robust growth in China’s infrastructure investment in the second half of 2023.
New orders from the power sector will lift operation rates for copper cable and wire producers higher to 86.8% in August from 84.8% in July, according to the Shanghai Metals Market.
Global copper smelting activity bounced slightly in July despite a sharp fall in top refined producer China, data showed.
Among other metals, SHFE aluminium ticked 0.4% higher to 18,525 yuan a metric ton, zinc gained 0.6% to 21,020 yuan, lead climbed 0.3% to 15,975 yuan, nickel moved 1.5% up to 171,580 yuan.
Tin retreated 0.5% at 228,580 yuan from previous gains driven by Myanmar’s mining ban.
LME tin was up 0.8% at $28,250, zinc gained 0.8% to $2,505, nickel rose 0.5% to $21,715, while aluminium little moved at $2,229.50 a metric ton, lead dipped 0.3% to $2,151.50.
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