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Melbourne
London copper edged up on Friday but was still eyeing its biggest weekly drop since early May as markets priced in a higher U.S. interest rate environment that would support the dollar.
London Metal Exchange copper rose by half a percent to $5,690 a tonne by 0230 GMT, paring small losses from the previous session. Copper is still down 2.1 percent for the week. Shanghai Futures Exchange copper was flat at 45,650 yuan ($6,702) a tonne. In other metals, zinc and nickel climbed more than 1 percent, trailing steel, after China´s government said it was beating its targets for capacity closure. Chinese steel futures rose sharply for a third day in a row on Friday, supported by government efforts to tackle a glut, even as the outlook for demand in the world´s top steel consumer may not be too promising, particularly from its property sector.
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