London copper set for third straight weekly gain on weaker dollar 


Copper prices were on track for their third straight week of gains on Friday, as a weaker dollar made greenback-priced metals cheaper and more appealing to holders of other currencies.

Three-month copper on the London Metal Exchange CMCU3 rose 0.7% to $9,4652.50 a tonne by 0257 GMT, up 2.7% on a weekly basis.

The most-traded June copper contract on the Shanghai Futures Exchange SCFcv1 advanced 0.4% to 69,460 yuan ($10,690.76) a tonne, also set for a weekly gain.

The dollar hovered around a seven-week low as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week.

Appetite for copper was also supported after the United States and other countries hiked targets for slashing greenhouse gas emissions, as the metal is expected to benefit from green investments into electric vehicles or renewable energy.

Source: Nasdaq

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