Copper futures dropped on Friday on a stronger dollar, although the London contract was poised for its first weekly gain in five as physical demand picked up after prices slumped to a two-month low.
Three-month copper on the London Metal Exchange was down 0.5% at $9,811.50 per metric ton, as of 0349 GMT.
Still, the contract has gained 0.8% on a weekly basis, and was on track to snap a fourth straight weekly loss.
The US dollar pushed to a fresh eight-week top above 159 yen and clung close to a five-week peak to sterling, with the Federal Reserve’s patient approach to cutting interest rates contrasting with more dovish stances elsewhere.
A firmer dollar makes greenback-priced metals more expensive to holders of other currencies. Earlier in the week, LME copper hit $9,551 a ton, the lowest in two months, as persistently high stockpiles raised worries that demand for the metal was weak.
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The drop in copper prices, however, encouraged more physical purchases this week, and in turn, provided a support around $9,500-$9,600 a ton, brokers said.
The most-traded July copper contract on the Shanghai Futures Exchange edged 0.1% higher to 79,540 yuan ($10,954.56) a ton.
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LME aluminium was nearly flat at $2,522.50 a ton, nickel fell 0.3% to $13,730, zinc declined 0.3% to $2,865, lead shed 0.5% to $2,205, and tin was flat at $33,086.
SHFE aluminium eased 0.2% to 20,505 yuan a ton, nickel dipped 0.2% to 134,900 yuan, lead dropped 1.5% to 18,760 yuan while zinc rose 0.2% to 23,860 yuan and tin jumped 0.9% to 273,490 yuan.
