Copper Edges Higher on Weaker Dollar and Supply Issues

Copper prices edged higher on Friday due to a weaker dollar and supply issues. The benchmark three-month copper on the London Metal Exchange rose 0.5% to $14,319 a metric ton in official open-outcry trading.

This gain marked a decline of 2% since the end of last week. Neil Welsh, head of metals at broker Britannia Global Markets, noted that 'metals have seen light turnover again so far this session with copper finding some support with a slightly softer dollar, but the broader tone remains cautious.'

The dollar index hit its strongest in 17 months this week, but weakened on Friday. This made commodities priced in the US currency cheaper for buyers using other currencies.