Copper holds above $14,000, set for strongest week since May on supply concerns

Trump's mining roundtable is set to see a handful of deals and memorandums of understanding announced, according to a person familiar with the planning of the event.

Aluminium CMAL3 gained 0.6% to $3,279 a ton, touching its highest since June 23, while zinc CMZN3 eased 0.9% to $3,730 after notching an almost four-year peak on Thursday.

The backwardation in the three-month spreads remains steep for zinc CMZN0-3 at more than $65 a ton but has collapsed for aluminium CMAL0-3 to $3 from as much as $45 on Tuesday.

Lead CMPB3 added 0.3% to $1,889.50 a ton, nickel CMNI3 advanced 1% to $16,930 and tin CMSN3 was up 0.2% at $56,200.

LONDON, Aug. 7 (Reuters) - Copper steadied above the $14,000 mark on Friday as supply concerns and tight inventories left the metal on course for its strongest week in almost three months, as traders awaited news from a mining roundtable called by U.S. President Donald Trump.

Benchmark three-month copper CMCU3 on the London Metal Exchange edged down 0.1% to $14,090 a metric ton in official open outcry activity. It was still set to finish the week up 2.2% for its sixth consecutive weekly gain and the biggest since the week to May 8.

LME copper touched a six-month high of $14,369.50 on Thursday after Reuters reported that the Democratic Republic of Congo had banned copper concentrate exports with immediate effect.

"The news reinforced an already bullish market backdrop characterised by low inventories, tight concentrate availability and ongoing supply disruptions," ING said in a note.

Available LME copper stocks MCUSTX-TOTAL declined to 92,900 tons, the lowest since January, leaving the cash to three-month spread CMCU0-3 in steep backwardation of $119 a ton, indicating near-term tightness.