Copper gains as soft dollar set to save 10 week streak
XLB•Other base metals mostly mixed
Among LME metals, zinc CMZN3 was little changed, up only 0.01%, lead CMPB3 ticked 0.11% higher, nickel CMNI3 added 0.17% and tin CMSN3 dipped 0.27%.
Among SHFE metals, zinc SZNcv1 gained 0.54%, lead SPBcv1 was little changed, down only 0.03%, nickel SNIcv1 lost 0.57% and tin SSNcv1 gained 0.67%.
Copper edges higher on softer dollar
Copper prices edged up on Friday, set to end the week higher, supported by the U.S. dollar's overnight plunge which offset pressure from receding supply fears.
Benchmark three-month copper CMCU3 on the London Metal Exchange was up 0.06% at $14,342 a metric ton by 0300 GMT. That placed the metal on track to edge up 0.03% this week, which would mark a tenth straight weekly gain.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.58% to 109,170 yuan ($16,254.73) a ton.
Aluminium stays firm on supply tightness
Elsewhere, aluminium edged up to near a three-week high on the LME on supply tightness and availability concerns. LME aluminium CMAL3 was up 0.2%, on track to end the week 2.16% higher.
The cash-to-three month CMAL0-3 spread flipped into a slight backwardation on Thursday, signalling tight availability.
The SHFE aluminium price SAFcv1 added 0.25% after paring back earlier gains, which saw it touch 24,510 yuan a ton, its highest since June 4.
Fed comments weaken the dollar and support metals
The dollar slumped overnight on fading rate hike expectations after comments by Fed Governor Christopher Waller. The CME's Fedwatch tool shows rate traders pricing in even odds of a September rate hike, from a nearly two-in-three chance a day earlier.
