(Updates for Asia market close)
By Brijesh Patel
Aug 8 (Reuters) - Copper prices rose on Friday and were
on track for a weekly gain, supported by a weaker U.S. dollar
and expectations of better demand from top consumer China.
Three-month copper on the London Metal Exchange was
up 0.3% at $9,714 per metric ton, as of 0750 GMT.
The most traded copper contract on the Shanghai Futures
Exchange rose 0.1% to 78,490 yuan ($10,929.02) a ton.
Data released on Thursday showed that China's exports beat
forecasts in July, as manufacturers made the most of a fragile
tariff truce between Beijing and Washington to ship goods.
China's copper imports rose 3.4% from a month earlier, as
per data released on Thursday, while copper concentrate imports
climbed 9% as the smelting sector snapped up supplies in a
record-breaking production run.
Meanwhile, the dollar index was down 0.4% against its
rivals, making greenback-denominated assets more affordable to
holders of other currencies.
On the supply side, investors were closely watching
developments surrounding the El Teniente copper mine in top
producer Chile after a fatal accident last week hit production.
Mine owner Codelco has sought permission from Chile's mining
regulator to reopen a part of its flagship mine, two sources
with knowledge of the matter said.
"In the short term, we could see spot prices pick up as mine
supply disruptions bite. This will also put downward pressure on
treatment charges. China's demand for refined copper imports
will likely grow," ANZ analysts said in a note on Friday.
Among other metals in London, aluminium rose 0.3% to
$2,617.50 a ton, nickel eased 0.1% to $15,100, lead
fell 0.4% to $2,001.50, tin gained 0.4% to
$33,805, and zinc advanced 0.4% to $2,825.
SHFE aluminium fell 0.4% to 20,685 yuan, nickel
eased 0.1% to 121,180 yuan, lead fell 0.1% to
16,845 yuan, tin was up 0.1% at 267,780 yuan, and zinc
was steady at 22,515 yuan.
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($1 = 7.1818 Chinese yuan renminbi)