(Recasts, adds comment, updates prices)
BEIJING, April 7 (Reuters) – Copper prices in Shanghai
nudged up on Friday, amid quiet trading ahead of the U.S.
non-farm payrolls report, but the metal was headed for a slight
weekly loss under macro economic pressure.
The most-traded May copper contract on the Shanghai Futures
Exchange
GMT. It has lost 0.9% so far this week.
Trading on the London Metal Exchange (LME) is closed because
of the Good Friday holiday. Three-month LME copper
declined 1.5% this week.
Copper prices, often seen as an economic bellwether, touched
their lowest in more than two weeks on Wednesday after weak U.S.
economic data fuelled fears of a recession.
The dollar index was little changed on Friday, after
a slip in the previous session as investors pondered how pivotal
U.S. jobs data coming out on a stock trading holiday might
impact Federal Reserve 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% while its demand will increase by
4%.
SHFE aluminium
zinc
rose 3.1% to 178,760 yuan, lead
yuan, while tin
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($1 = 6.8772 Chinese yuan)
(Reporting by Siyi Liu and Dominique Patton; Editing by
Subhranshu Sahu and Uttaresh Venkateshwaran)
((Siyi.Liu@thomsonreuters.com;))
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