London copper ticks up but heads for worst week in four months
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Nov 15 (Reuters) -London copper prices nudged up on Friday but were set for their worst week in four months amid a surging U.S. dollar, while investors assessed the demand outlook in top consumer China.
Three-month copper on the London Metal Exchange CMCU3 rose 0.6% to $9,047 per metric ton by 0235 GMT after hitting a three-month low on Thursday. It slipped more than 4% for the week.
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 gained 0.6% to 74,050 yuan ($10,233.55) a ton but was down 4.2% for the week.
The dollar was headed for its best week in more than a month, driven by Donald Trump's election victory and expectations of fewer U.S. rate cuts, making metals costlier for holders of other currencies. USD/
"We expect industrial metal prices to remain highly sensitive to any stimulus announcements from Mainland China, with market sentiment tilted towards further support in an anticipation of renewed trade tensions with China under a second Trump presidency," analysts at BMI said.
China's industrial output grew at a slower pace in October, while retail sales surprised on the upside, underlining the economy's struggles to pick up speed despite a recent blitz of policy support measures.
Data also showed that China's new home prices fell for the 16th consecutive month but at a slower pace in October.
China's property sector is the biggest consumer of base metals.
LME copper could fall to $8,500 per ton by the end of the first quarter next year, most participants said during the annual copper industry gathering.
LME aluminium CMAL3 added 1.1% to $2,545 a ton, nickel CMNI3 ticked up 0.2% to $15,650, zinc CMZN3 increased 0.7% to $2,963, lead CMPB3 rose 0.3% to $1,965 and tin CMSN3 firmed 1.3% to $29,300.
SHFE aluminium SAFcv1 gained 0.8% to 20,830 yuan a ton, while nickel SNIcv1 declined 1.4% to 123,180 yuan, lead SPBcv1 dropped 1.5% to 16,770 yuan, zinc SZNcv1 added 0.3% at 24,780 yuan, and tin SSNcv1 fell 0.6% to 243,080 yuan.
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Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Varun H K
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