Copper Ends Week Higher Despite Supply Concerns

Copper prices edged up on Friday, putting it on track to end the week higher for the tenth consecutive week. The metal's price rose 0.06% to $14,342 a metric ton on the London Metal Exchange.

The gain comes despite concerns about supply fears, which had weighed down copper earlier in the week. However, the US dollar's overnight plunge due to fading rate hike expectations helped offset these pressures.

According to Fed Governor Christopher Waller, comments that sparked the decline in rate hike expectations included those on interest rates and economic activity. The CME's Fedwatch tool now shows even odds of a September rate hike, down from nearly two-in-three chances earlier.