Copper prices were set on Friday for their first weekly gain in six, buoyed by mine supply worries and encouraging US data that allayed fears of an imminent recession in the world’s largest economy.
Three-month copper on the London Metal Exchange eased 0.1% to $9,139 per metric ton by 0154 GMT, but hovered around a two-week high hit in the previous session.
The most-traded September copper contract on the Shanghai Futures Exchange advanced 1.8% to 73,660 yuan ($10,262.77) a ton.
The contract climbed to 73,980 yuan earlier in the session, its highest since Aug. 5.
On a weekly basis, LME copper was up 3.1% after five weeks of losses.
SHFE copper was also set for its first weekly gain in six.
A strike at mining giant BHP’s Escondida mine in Chile, the world’s largest copper mine and which accounts for nearly 5% of global supply in 2023, sparked concerns about mine supply disruptions.
Positive US retail sales and jobs data eased worries about a potential recession in the world’s biggest economy that has pushed base metals prices down in the past three weeks.
Copper gains on hopes for US rate cuts, Escondida strike
Nonferrous metals are used in a wide range of industries, so economic data is a major indicator for metals demand prospects.
LME aluminium rose 0.1% to $2,366.50 a ton, nickel edged up 0.1% to $16,340, tin advanced 0.4% to $32,100, while zinc fell 0.3% to $2,775 and lead edged down 0.2% at $2,030.50.
SHFE aluminium rose 1.1% to 19,320 yuan a ton, nickel edged up 0.2% at 129,000 yuan, zinc climbed 2% to 23,320 yuan, lead increased 1.2% to 17,700 yuan and tin jumped 2.8% to 263,810 yuan.
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