Copper's Winning Streak Set to End Despite Dollar Weakness
Copper prices rose on Friday due to a weaker US dollar, but the metal is set to end its seven-week winning streak as London Metal Exchange (LME) inventories continue to climb.
The three-month copper contract on the LME was up 0.53% at $14,111.50 a metric ton by 0340 GMT, but down 0.30% for the week.
On the Shanghai Futures Exchange (SHFE), the most-traded copper contract rose 0.36% to 107,570 yuan ($16,003.63) a ton, but is set to end the week just 0.07% lower.
Copper inventories in LME warehouses have been building up since August 14, when stocks were at their lowest since February, and now total 239,925 tons, a 17% increase.
The premium for cash copper over three-month delivery narrowed sharply from its widest level of $545 a ton on Monday to around $76 in the current session.