Copper rises, set for eighth weekly gain on falling LME stocks

Zinc, also supported by falling warehouse stocks this week, was up 0.73% on the LME CMZN3, but down 0.3% on the SHFE SZNcv1 on Friday.

Chinese zinc exports have helped cool fears of a shortage outside the country, even as supply tightness and speculative positioning continue to support prices.

"LME inventories are low, and treatment charges remain deeply negative, highlighting tight concentrate supply and pressure on smelter margins," analysts from ING said in a note.

The cash-to-three-month LME zinc CMZN0-3 was in a sharp $231.75 backwardation on Thursday, signalling tight availability.

Among LME metals, aluminium CMAL3 dipped 0.08%, lead CMPB3 eased 0.08%, nickel CMNI3 slipped 0.14% and tin CMSN3 was down 0.12%.

Among SHFE metals, aluminium SAFcv1 added 0.46%, lead SPBcv1 gained 1.06%, nickel SNIcv1 lost 0.38% and tin SSNcv1 rose 0.61%.

($1 = 6.7207 Chinese yuan)

Copper ticked up on Friday and was set for an eighth straight weekly increase, after a string of withdrawal requests from London Metal Exchange warehouses raised availability concerns.

Benchmark three-month copper CMCU3 on the LME was up 0.22% at $14,314.5 a metric ton by 0315 GMT, rising 0.7% so far this week.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 edged 0.4% higher to 108,820 yuan ($16,191.77) a ton.

"Copper prices have been supported this week by another large increase in LME warrant cancellations," said Craig Lang, principal analyst at information provider CRU.