Copper gains but set to snap seven-week winning streak
Copper rose on Friday as the dollar weakened, but was headed for its first weekly decline in eight weeks, with London Metal Exchange inventories climbing and nearby price spreads narrowing sharply during the week. Benchmark three-month copper on the LME was up 0.53% at $14,111.50 a metric ton by 0340 GMT. The contract was down 0.30% so far this week. The most-traded copper contract on the…
Copper experienced a mixed performance on Friday, rising due to a weakening dollar but poised to end the week with a decline for the first time in eight weeks. London Metal Exchange inventories surged, while nearby price spreads narrowed significantly throughout the week. Benchmark three-month copper on the LME ended the session up 0.53% at $14,111.50 a metric ton, though it was down 0.30% so far this week.
The most-traded copper contract on the Shanghai Futures Exchange gained 0.36% to 107,570 yuan ($16,003.63) a ton, with a potential weekly decline of 0.07%.
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