Copper gains as soft dollar set to save 10 week streak

Copper on the London Metal Exchange edged higher on Friday and was on course to finish the week in positive territory, according to Business Recorder. Three-month LME copper stood 0.06 per cent up at $14,342 a metric ton at 0300 GMT, which would extend a run of gains to ten weeks. The Shanghai Futures Exchange's most-traded contract rose 0.58 per cent to 109,170 yuan ($16,254.73) a ton.

The greenback slid overnight as traders pared back bets on a rate rise, following remarks from Federal Reserve Governor Christopher Waller. CME's FedWatch tool now puts the chance of a September hike at even odds, down from almost two in three a day earlier. A weaker dollar makes commodities priced in the currency more affordable for overseas buyers, while cheaper borrowing can encourage industrial activity.

Aluminium on the LME rose 0.2 per cent, close to a three-week peak, and was heading for a weekly gain of 2.16 per cent. Its cash-to-three-month spread moved into slight backwardation on Thursday, pointing to tight availability. SHFE aluminium reached 24,510 yuan a ton, a level not seen since June 4, before giving back part of the rise.