BEIJING: Copper prices in Shanghai nudged up on Friday, amid quiet trading ahead of the US non-farm payrolls report, but the metal was headed for a slight weekly loss under macro economic pressure, according to Reuters.
The most-traded May copper contract on the Shanghai Futures Exchange ended daytime trade 0.6 percent higher at 69,040 yuan ($10,041.89) a ton as of 0755 GMT. It has lost 0.6 percent so far this week.
Copper inventories in warehouses monitored by SHFE declined at a slower rate on Friday, down 0.5 percent week on week to 155,761 tons.
Trading on the London Metal Exchange is closed because of the Good Friday holiday. Three-month LME copper declined 1.5 percent this week.
Copper prices, often seen as an economic bellwether, touched their lowest in more than two weeks on Wednesday after weak US economic data fueled fears of a recession.
The dollar index dipped on Friday in thin trading as investors pondered how pivotal US jobs data coming out on a stock trading holiday might impact the Federal Reserve’s policy and unleash a potentially volatile market reaction.
Meanwhile, tight inventories and improved demand in top consumer China lent some support to the market.
Marex noted a growing number of Chinese smelters were inactive by the end of March and the second quarter is also expected to be a particularly busy period for maintenance in China.
CITIC Futures forecast for 2023 that China’s copper production will rise by 6.6 percent while its demand will increase by 4 percent.
SHFE tin slipped 0.5 percent to 196,700 yuan, while aluminum gained 0.5 percent to 18,690 yuan a ton, zinc climbed 0.2 percent at 22,140 yuan, lead was up 0.6 percent at 15,320 yuan, and nickel rose 3.1 percent to 178,760 yuan.
SHFE nickel stocks plunged 16.7 percent to 1,505 tons on Friday, the lowest since August 2022.
