Copper prices dip

Reuters

London

Copper slipped on Friday as investors squared positions ahead of the Lunar New Year holiday in China, and as they awaited key U.S. jobs data later in the day.

However, copper was set for a third straight week of gains as industrial metals got a shot in the arm from a tumble in the dollar to three-month lows.

A weaker dollar makes commodities priced in the U.S. currency more competitive for buyers outside of the United States. The U.S. non-farm payrolls report due at 1330 GMT will be keenly eyed for its impact on the dollar.

"We're waiting for the data for implications for the U.S. dollar and equity markets," Eugen Weinberg, head of commodity research at Commerzbank, said.

"I wouldn't read too much into today's moves, especially in light of the strong gains in recent weeks, particularly for zinc. It's not surprising to see them slightly under pressure."