(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 added 0.3% at 68,800 yuan a tonne as of 0438
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.

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CITIC Futures forecast for 2023 that China’s copper
production will rise by 6.6% while its demand will increase by
4%.

SHFE aluminium gained 0.5% to 18,695 yuan a tonne,
zinc was little changed at 22,095 yuan, nickel
rose 3.1% to 178,760 yuan, lead was up 0.7% at 15,330
yuan, while tin slipped 0.8% to 195,980 yuan.

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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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Keywords: GLOBAL METALS/ (UPDATE 1)

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