Copper prices rose in London on Friday as the dollar continued to weaken after crucial U.S. data, offsetting the bearish effect from higher metal inventories in exchange-registered warehouses.
Three-month copper on the London Metal Exchange was up 0.3% at $8,164.5 per metric ton by 1240 GMT.
Copper prices have risen 1.0% so far this week, heading for a second week of gains, as U.S. non-farm payrolls data weighed on the dollar, along with hopes the U.S. Federal Reserve could be done with hiking rates.
A weaker dollar makes metals priced in it more attractive for holders of other currencies.
Copper, used in power and construction, is still down 2.3% so far this year due to the patchy post-pandemic recovery of demand in China, the world's largest metals consumer.
"Disappointing manufacturing PMI data from China (released earlier this week) have set lower expectations for the base metals complex," said Nitesh Shah, commodity strategist at WisdomTree.
Copper stocks in LME-registered warehouses increased after a recent decline, daily data showed, while copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 11.3% this week.
On the supply side, lawmakers in Panama scratched provisions from a proposed bill that would cancel a recently approved mining concession extending the life of a lucrative copper mine. The bill now focuses on enshrining into law an indefinite nationwide ban on all new mining concessions.
LME aluminium rose 0.7% to $2,243 a metric ton, zinc gained 1.3% to $2,509, tin climbed 0.5% to $24,080 and nickel was up 0.3% at $18,025.
Lead gained 2.0% to $2,165, its highest since Oct. 9. The metal is heading for the third consecutive weekly growth.
(Reporting by Polina Devitt in London, additional reporting by Mai Nguyen in Hanoi; Editing by Shweta Agarwal, Kirsten Donovan)