Copper clocked its biggest weekly fall in a month on Friday as the dollar soared to a 14-year high and traders decided a rally driven by US president-elect Donald Trump's economic policies was overdone, for now.

The metal surged more than 11 per cent last week in its biggest weekly gain since October 2011 as investors bet Trump's plan to hke U.S. infrastructure spending and cut taxes would boost the world's top economy.

Since hitting a 17-month high above $US6000 on November 11, however, copper has dropped nearly 10 per cent, hurt in the latest instance by Federal Reserve chair Janet Yellen comments that US interest rates could rise "relatively soon".

"Prices overshot before on hopes for the infrastructure spending. The stronger dollar is also contributing to the fall. Probably (prices) will tread water going forward because positive expectations are already priced in," said Commerzbank analyst Eugen Weinberg.

Three-month copper on the London Metal Exchange ended down 1.3 per cent at $US5423 a tonne, marking a weekly fall of 2 per cent.

Trump's election as US president has done nothing to change the Fed's plans for a rate increase "relatively soon," Yellen said on Thursday, as data suggested the US jobs market is tightening and inflation is gaining traction.

The comments pushed the dollar to its highest since early 2003 against a currency basket on Friday. A stronger dollar makes dollar-denominated commodities such as copper more costly for holders of other currencies.

Also weighing on copper, China's booming property market showed early signs of a softening in October after a price rally that propped up economic growth this year.

China, which consumes nearly half the world's copper, is also attempting to cool soaring commodity markets by curbing speculative trading.

Indications of a relatively balanced copper market next year could support prices, analysts say.

China's biggest copper smelter, Jiangxi Copper, has agreed to a 5 per cent drop in fees to process concentrate for Freeport-McMoRan in 2017, sources said.

"The reduction likely reflects expectations that global mine supply will remain fairly flat next year after growing around 4 per cent this year," Commonwealth Bank of Australia said in a note.

Zinc, used to galvanise steel, ended up 0.2 per cent at $US2537.

In a bid to fight pollution, China has ordered industrial plants including steel mills to suspend production, focussing its efforts in the top steel producing province of Hebei.

Nickel ended down 3.4 per cent at $US10,855.

Sherritt International Corp's joint nickel venture in Cuba will return to profit next year if prices for the metal remain at the current level.

"It looks like the nickel market ... is moving into deficit, with forecasts of deficit for few years. We are optimistic it will be positive for pricing," Sherritt chief executive David Pathe said.

Lead closed down 1.4 per cent at $US2139, aluminium gained 0.4 per cent to end at $US1694 while tin closed flat at $US20,200.