Copper surges

Sydney

A weak dollar helped lift copper prices in early Asian trading on Friday, reversing an overnight dip.

The dollar index, which tracks the greenback against a basket of six major rivals was priced near its lowest level since August 2016.A weaker dollar makes U.S. dollar-denominated commodities such as copper cheaper for investors using other currencies.

"The weak dollar will bring out buyers, some of whom might otherwise stick to the sidelines," a trader in Perth said.

Three-month copper on the London Metal Exchange was up 0.3 percent at $5,981 a tonne by 0100 GMT, reversing a modest loss in the previous session.

The most-traded copper contract on the Shanghai Futures Exchange opened 0.2 percent firmer at 47,790 yuan ($7,072.67) a tonne. The global world refined copper market showed a 53,000 tonnes deficit in April, compared with an 18,000 tonnes deficit in March, the International Copper Study Group (ICSG) said.