METALS-Copper set for weekly gain on softer dollar, China demand hopes
By Brijesh Patel
Aug 8 (Reuters) - Copper prices rose on Friday and were on track for a weekly gain, supported by a weaker U.S. dollar and expectations of better demand from top consumer China.
Three-month copper on the London Metal Exchange CMCU3 was up 0.1% at $9,696 per metric ton, as of 0145 GMT.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 held its ground at 78,400 yuan ($10,911.93) a ton.
Data released on Thursday showed that China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods.
China's copper imports rose 3.4% from a month earlier, while copper concentrate imports climbed 9% as the smelting sector snapped up concentrate supplies in a record-breaking production run.
Meanwhile, the dollar index .DXY was down 0.4% against its rivals, making greenback-denominated assets more affordable to holders of other currencies.
On the supply side, investors were closely watching developments surrounding the El Teniente copper mine in top producer Chile after a fatal collapse last week.
Copper miner Codelco has sought permission from Chile's mining regulator to reopen a part of its flagship mine, two sources with knowledge of the matter said.
"In the short term, we could see spot prices pick up as mine supply disruptions bite. This will also put downward pressure on treatment charges. China's demand for refined copper imports will likely grow," ANZ analysts said in a note.
Among other metals in London, aluminium CMAL3 eased 0.1% to $2,607.50 a ton, nickel CMNI3 rose 0.1% to $15,120, lead CMPB3 fell 0.1% to $2,006.50, tin CMSN3 edged 0.1% lower to $33,700, and zinc CMZN3 advanced 0.3% to $2,819.50.
SHFE aluminium SAFcv1 fell 0.5% to 20,670 yuan, nickel SNIcv1 eased 0.4% to 120,900 yuan, lead SPBcv1 rose 0.1% to 16,865 yuan, tin SSNcv1 was flat at 267,480 yuan, and zinc SZNcv1 was steady at 22,535 yuan.
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