Copper Edges Higher as Dollar Selloff Supports Industrial Metals
Copper prices rose on Friday, set to end the week higher for the tenth consecutive time. The metal's gain was supported by the US dollar's overnight plunge, which offset pressure from supply fears.
The benchmark three-month copper price on the London Metal Exchange (LME) increased by 0.06% to $14,342 a metric ton by 0300 GMT. This puts copper on track to rise 0.03% for the week, despite earlier concerns about resurgent interest rate fears and market perceptions of less physical tightness in supply.
The dollar's decline was driven by comments from Fed Governor Christopher Waller, which led to fading expectations of a rate hike. The CME's Fedwatch tool shows that rate traders now price in even odds of a September rate hike, down from nearly two-in-three chances the day before.