Copper Prices Edge Up as Weakening Dollar Supports Commodity Demand

Copper prices rose on Friday, set to end the week higher after the US dollar plunged overnight. The decline in the greenback's value made commodities denominated in dollars more affordable for buyers using other currencies.

The London Metal Exchange's benchmark three-month copper price was up 0.06% at $14,342 a metric ton by 0300 GMT. This put the metal on track to edge up 0.03% this week, which would mark a tenth straight weekly gain.

Market analysts point out that lower interest rates can support industrial metals like copper by stimulating economic activity. The CME's Fedwatch tool shows rate traders pricing in even odds of a September rate hike, down from nearly two-in-three chance a day earlier.