Copper rebounds on weaker dollar
XLB•China demand signals and other LME metals
China's yuan ended the week at a 3-1/2-year peak against the dollar, while the Yangshan copper premium, a gauge of China's appetite for importing copper, rose 7% to $93 a ton.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange jumped 28% this week.
Among other LME metals, zinc added 1.2% to $3,805.50, having hit $3,810, a four-year high earlier in the session, while aluminium rose 0.7% to $3,228.
Canada and the U.S. are "very close" to agreeing to a trade deal that could help reduce months of tariffs, but more work remains to be done, a top Canadian official said.
A source familiar with the talks previously told Reuters that a proposed deal could halve tariffs on Canadian aluminium to 25%.
A reduced import tariff would "stem the flow of Canadian metal to Europe in favour of the U.S., but would still leave the U.S. short, meaning the marginal tonne would still come in at a 50% tariff," Morgan Stanley said in a note.
Lead gained 0.1% to $1,902.50, tin advanced 0.4% to $55,705 and nickel climbed 0.7% to $16,995.
Copper rises on weaker dollar and China growth measures
Copper prices rose on Friday, supported by a weaker dollar and top metals consumer China pledging fiscal policy measures to strengthen economic growth.
Benchmark three-month copper on the London Metal Exchange was up 1.1% at $14,187 a metric ton by 1021 GMT.
Copper was steady for the week after declining from a six-month peak of $14,396 hit on Monday. Worries rose about low inventories outside the U.S., but massive inflows into the LME-registered warehouses during the week helped ease some tightness.
The premium of the LME cash copper contract over the benchmark slid to $77 a ton on Thursday from Monday's $436 as more metal became available for immediate delivery.
