Economy

Copper is on track to record gains for the fourth consecutive week.

Copper prices fell on Friday under pressure from a stronger US dollar, but remained on track for a fourth consecutive weekly gain.

This is due to continued optimism about the possibility of reaching a truce agreement between the United States and Iran.

This optimism has boosted expectations of improved demand for industrial metals.

 

The most traded copper contract on the Shanghai Futures Exchange fell 0.36 percent to 101,960 yuan (about $14,940.29 per metric ton). But it was still up 3.7 percent for the week, according to CNN.

Benchmark three-month copper on the London Metal Exchange fell 0.4 percent to $13,218 a tonne. It posted weekly gains of about 2.9 percent, after hitting its highest level since March 2, when it reached $13,392.5.

Other base metals saw mixed movements. Aluminum and nickel rose, while lead and tin declined. Zinc remained virtually unchanged in trading on the Shanghai and London exchanges.

 

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