BHP - Copper set to break long weekly losing streak as risk appetite returns

Copper prices are poised for their first weekly rise in seven weeks on Friday, as investors returned to riskier assets after easing expectations for U.S. interest rate hikes, helping dollar-priced metals.

According to Reuters, benchmark copper ( HG1:COM ) on the London Metal Exchange +0.9% to $7,388/metric ton, capping a nearly 3% gain for the week.

Copper prices remain down more than 30% from their March high after last week touching $6,955/ton, its lowest since November 2020.

Freeport McMoRan ( FCX ), which reported below-consensus Q2 earnings Thursday, +2.2% pre-market.

In London, aluminum, nickel and zinc also trade higher while tin and lead are lower.

ETFs: ( NYSEARCA: COPX ), ( NYSEARCA: CPER ), ( JJC ), ( JJCTF )

Iron ore futures also rose on Friday, with the Dalian benchmark contract ( SCO:COM ) rebounding from a seven-month low, as falling steel inventories in China prompted hope for some replenishment-driven demand.

The most-traded iron ore on China's Dalian exchange ended daytime trading +3.6% at 681 yuan/ton ($100.68), after closing Thursday at 657.50 yuan, its YTD low.

The top three global miners are all indicated higher in the pre-market: ( BHP ) +2.1% , ( VALE ) +2.1% , ( RIO ) +1% .

Other potentially relevant tickers include ( OTCPK:GLCNF ), ( OTCPK:GLNCY ), ( OTCQX:AAUKF ), ( OTCQX:NGLOY ), ( OTCQX:FSUMF )

Iron ore in Singapore reclaimed the $100/ton level and was on track for a weekly gain, helped also by Vale's reduction of its full-year iron ore production guidance .

For further details see: