Copper firms on soft dollar, set for monthly gain
XLB•Other LME and SHFE metals
Aluminium inched 0.03% down on the LME CMAL3 and added 0.21% on the SHFE SAFcv1. It was on track to end the month higher, but remained well below May's highs after a short-lived Middle-East detente wiped out the war risk premium in June.
Stocks of the light metal in LME-registered warehouses MALSTX-TOTAL are at their lowest level this century.
Among LME metals, zinc CMZN3 was little changed, lead CMPB3 lost 0.42%, nickel CMNI3 ticked 0.12% higher and tin CMSN3 added 0.42%.
Among SHFE metals, zinc SZNcv1 gained 0.73%, lead SPBcv1 lost 1.24%, nickel SNIcv1 added 0.45% and tin SSNcv1 rose 1.72%.
($1 = 6.7480 Chinese yuan renminbi)
Copper rises on softer dollar and supply concerns
Copper prices firmed on Friday and were set to for a monthly gain, as the market digested a cheaper dollar and continuing supply pressure.
Benchmark three-month copper CMCU3 on the London Metal Exchange was flat at $13,804.5 a metric ton by 0300 GMT, and was on track for a 3.25% gain for the month.
Meanwhile, the most-traded copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.71% to 105,510 yuan ($15,635.74) a ton, notching a 2.75% increase since the start of the month.
Dollar decline and falling stocks support the market
The dollar =USD tumbled overnight, making commodity deals using the greenback cheaper for buyers using other currencies.
Copper has been supported this month by falling stock levels, concerns about supply, and good demand from China.
Total stocks of the red metal in LME-registered warehouses MCUSTX-TOTAL were 255,400 tons on Thursday, down 21.38% in July. Over 60% of the remaining stocks were under cancelled warrants, meaning they were earmarked for removal.
