Prices of the copper They fell on Friday but were on track to close the week up 3.5 percent as bets that inflation may have peaked in the U.S. drive a broad shift toward riskier assets.
Other industrial metals rose between 2.5% and 7% this week, after inflation figures fueled hopes that the U.S. Federal Reserve will need fewer interest rate hikes, causing less economic damage.
Friday’s data also showed euro zone industrial production grew three times more than expected in June.
Global stock markets were heading into their fourth straight week of gains and the dollar weakened, making dollar-quoted metals cheaper for buyers with other currencies.
Benchmark copper on the London Metal Exchange (LME) was down 0.4% at $8,144.50 a tonne at 1035 GMT.
Prices have risen about 17% from the low they reached in mid-July, but the global economic slowdown continues to cause the metal used in the energy and construction industries to lose 25% since its March peak.
A total of 231,000 tonnes of copper are stored in warehouses overseen by the LME, the Shanghai Futures Exchange and the New York COMEX Exchange, down from 375,000 tonnes a year ago.
Copper import premiums in China, the top consumer, are at an eight-month high, suggesting an increase in demand for the metal overseas.
However, copper prices have not yet overcome their downward trend since March and most speculators believe they will continue to fall.
* Among other base metals, aluminium down 1% to $2,494.50 a tonne, the zinc fell 1.6% to $3,629.50, lead lost 0.4% to $2,189.50, tin gave up 1.3% to $25,065 and the nickel it bucked the trend, rising 0.5 per cent to $23,780.