Copper set to climb

Melbourne
London copper was on track for its first weekly climb since mid-May on Friday, buoyed by early signs that Chinese stimulus measures may be feeding into fragile support for the market, curbing the impact of a seasonal slowdown in demand.
Greece failed again to clinch a deal with its international creditors on Thursday, setting up a last-ditch effort on Saturday to either avert a default next week or start preparing to protect the euro zone from financial market turmoil.
“Although the dollar has been strong, copper prices have been relatively stable. That suggests that people are becoming more optimistic,” said Jonathan Barratt, Chief Investment Officer at Sydney’s Ayers Alliance.
“We have advised our clients they should be taking on supply now at these levels because we think we are very close to a low.”
The euro was in a holding pattern early on Friday, after the latest round of talks failed to resolve a funding deal for Greece.