Copper prices are heading for a weekly gain on Friday, supported by weak U.S. economic data that strengthened expectations of a Federal Reserve rate cut in December, giving markets a boost despite the absence of strong catalysts to break key technical levels.
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The most-traded copper contract on the Shanghai Futures Exchange rose 0.41% to 87,430 yuan ($12,356.37) per metric ton, putting it on track for a weekly gain of 1.66%.
On the London Metal Exchange, the three-month copper contract gained 0.50% to $10,994 per ton, heading for a weekly increase of 1.99%.
Other metals also saw mixed movements: on the Shanghai Exchange, lead rose 0.89%, nickel increased slightly by 0.21%, tin climbed 0.42%, while zinc fell 0.33%, and aluminum remained largely unchanged.
On the London Metal Exchange, aluminum gained 0.42%, zinc added 0.65%, and lead edged up 0.10%. Nickel saw a modest rise of 0.18%, and tin added 0.58%.
