Metals-Copper rebounds on weaker dollar, zinc at four-year high
XLB•Copper rises as dollar weakens and China signals support
Copper prices rose on Friday, supported by a weaker dollar and top metals consumer China pledging fiscal policy measures to strengthen economic growth, while zinc hit a four-year high on supply fears and speculators.
Benchmark three-month copper on the London Metal Exchange CMCU3 was up 1.2% at $14,204 a metric ton by 1604 GMT.
Copper hit a six-month peak of $14,396 on Monday due to worries about low inventories outside the United States, but massive inflows into LME-registered warehouses during the week helped ease some tightness. The premium of the LME cash copper contract over the benchmark CMCU0-3 slid to $47 a ton on Friday from Monday's $436. Available inventories in LME-registered warehouses soared 87% over the last two weeks to , their highest level since early July.
