METALS-Copper poised 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 0.3% at $9,714 per metric ton, as of 0750 GMT.
The most traded copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.1% to 78,490 yuan ($10,929.02) 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, as per data released on Thursday, while copper concentrate imports climbed 9% as the smelting sector snapped up 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 accident last week hit production.
Mine owner 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 on Friday.
Among other metals in London, aluminium CMAL3 rose 0.3% to $2,617.50 a ton, nickel CMNI3 eased 0.1% to $15,100, lead CMPB3 fell 0.4% to $2,001.50, tin CMSN3 gained 0.4% to $33,805, and zinc CMZN3 advanced 0.4% to $2,825.
SHFE aluminium SAFcv1 fell 0.4% to 20,685 yuan, nickel SNIcv1 eased 0.1% to 121,180 yuan, lead SPBcv1 fell 0.1% to 16,845 yuan, tin SSNcv1 was up 0.1% at 267,780 yuan, and zinc SZNcv1 was steady at 22,515 yuan.
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