Sydney
Copper was little changed on Friday, with investors marking time ahead of key U.S. economic indicators next week, while zinc fell on profit-taking following this week´s surge on supply concerns.
U.S. data due next week includes June consumer confidence, pending home sales and revised first quarter GDP. Three-month copper on the London Metal Exchange stood at $5,740 a tonne at 0100 GMT, down $3 from its last close. Shanghai Futures Exchange copper was up 0.3 percent at 46,100 yuan ($6,741) a tonne. LME zinc fell half a percent, trimming its weekly gains to 6 percent, still the biggest weekly advance since mid-March.
LME zinc stocks in New Orleans , the location with the most metal, are at the lowest in seven years, around 276,000 tonnes.
“All eyes will again be on the stocks (both LME and ShFE) later today to determine if (recent price rises are) something more sustainable, another meaningful draw could really send zinc parabolic,” Marex Spectron said in a report.
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