METALS-Copper drifts higher on soft dollar, China support, mine supply fears
The dollar was on track for one of its steepest weekly falls against major currencies this year as concerns grow about the worsening global economic outlook. A weaker U.S. currency makes dollar-priced commodities less expensive for holders of other currencies.
Metals prices have been pressured in recent months by worries about demand in China, which accounts for nearly half of global copper consumption. Those concerns were reinforced this week by a fourth consecutive monthly fall in prices of new homes.
On Friday, however, China's central bank and financial regulators pledged to ensure financing support for the property sector and to work together to resolve local government debt risks.
Nickel fell 0.8% to $16,890 a ton after touching the weakest since May 2021 at $16,820 on persistent worries about oversupply from Indonesia. "Even after the selling, we remain nickel price bears," Tom Price, head of commodities strategy at Liberum, said in a note this week, which forecasts prices to average $15,675 next year.
In other metals, aluminium eased 0.4% to $2,207.50 a ton, zinc dropped 1% to $2,551, tin lost 1.5% to $24,820 while lead rose 0.3% to $2,290 after touching the strongest since Sept. 1 at $2,297.50. For the top stories in metals click ($1 = 7.2467 Chinese yuan renminbi) (Reporting by Eric Onstad Additional reporting by Neha Arora in New Delhi Editing by David Goodman, Louise Heavens and Andrew Heavens)
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