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