Commodities
Copper Prices Set to Post Monthly Gain on Weaker Dollar
Copper prices rose on Friday and are set to post a monthly gain as the market digests a weaker US dollar and ongoing supply pressure.
The benchmark three-month copper price on the London Metal Exchange was steady at $13,804.5 per metric ton by 0300 GMT, with a 3.25% increase expected for the month.
Copper has been supported this month by falling stock levels, concerns about supply, and robust demand from China, which has seen a lack of copper scrap forcing some consumers to buy refined metal.
Total stocks of copper in LME-registered warehouses were 255,400 tons on Thursday, down 21.38% in July, with over 60% of remaining stocks earmarked for removal under cancelled warrants.