Melbourne
London copper was set for a slightly higher weekly close on Friday as dollar weakness cushioned prices, but the outlook was tainted by investors cutting exposure to metals on concerns over China demand concerns.
"Base metals slumped as the political crisis in the U.S. threatened to delay the infrastructure spending plans and tax cuts that President Trump has promised. Economic data in China didn´t help quell fears about weaker demand," said ANZ in a report. "This has seen investors become increasingly bearish.
The net long positions of non-commercial traders on both the LME and Comex have been falling over the past few weeks and are now at levels last seen before the Trump trade rally started."
London Metal Exchange copper traded little changed at $5,586.50 a tonne by 0635 GMT, having closed down half a percent in the previous session when prices hit their lowest in more than a week at $5,485 a tonne.
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