Base metals rose on Friday, with London copper set for its best week in more than four months on a softer dollar and easing fears of a major trade war between the United States and top metals consumer China.
Three-month copper on the London Metal Exchange (LME) rose 1.2% to $9,385 a metric ton by 0512 GMT.
It is set to log its biggest weekly gain since September 2024, rising 3.8% so far.
The most-active copper contract on the Shanghai Futures Exchange gained 1.6% to 77,140 yuan ($10,586.85) a ton, its highest level in three-months.
The dollar index was set to decline 0.6% for the week, making greenback-priced commodities cheaper for holders of other currencies.
“We think markets are beginning to discount the likelihood of the tariff war not being as bad as previously advertised,” Marex consultant Edward Meir said.
US President Donald Trump suspended planned tariffs on Mexico and Canada earlier this week and imposed an additional 10% tariff on imports from China.
Copper gains while aluminium retreats on concern about more supply
Meanwhile, market focus was also on US monthly payrolls figures due later in the day after Federal Reserve officials pointed to the large policy uncertainty around tariffs and other issues arising from the early days of the Trump administration.
Global miner Anglo American posted a 6% fall in copper production last year to 773,000 tons, and expects output of 690,000-750,000 tons in 2025 and 760,000-820,000 tons in 2026.
LME aluminium firmed 1% to $2,646 a ton, zinc was up 1.5% at $2,859.5, tin added 0.7% to $31,210, lead climbed 0.8% to $2,004.5, and nickel rose 0.1% to $15,825.
SHFE aluminium gained 1.9% to 20,625 yuan a ton, nickel climbed 1.5% to 127,170 yuan, zinc firmed 2.7% to 23,970 yuan, lead gained 0.4% to 17,155 yuan and tin advanced 0.8% to 259,400 yuan.
Source: Brecorder
