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London Metal Exchange (LME) copper rose to a two-week high on Friday after talks on a U.
S.
fiscal stimulus package resumed, supported by a weaker dollar and strikes by Chilean mining workers
.
At 17:00 London time on October 9 (00:00 Beijing time on October 10), three-month LME copper rose 1.
2% to settle at $
6,763 a tonne.
Copper prices rose earlier to $6,781 a tonne, the highest since Sept.
22 and not far from
a 27-month high of $6,877.
5 hit last month.
U.
S.
President Donald Trump said Thursday that negotiations between the administration and Congress on a coronavirus bailout package had resumed
.
In addition, Candelaria copper miners in Chile, owned by Canadian base metals miner Lundin Mining, will strike on Thursday after earlier talks broke down
.
Commerzbank analysts said President Trump's 180-degree turn on the bailout package, a weaker dollar and the end of the Chinese holiday were all helping to push prices
higher.
Lundin Mining's strike is not expected to have a material impact on production, but people are waiting for the outcome of the negotiations and what
this means for future wage talks in Chile.
On Friday, the dollar fell to its lowest
level in nearly three weeks.
A weaker dollar has made dollar-denominated metals cheaper for people holding other currencies, which could help boost demand
.
Markets will carefully assess China's loans, total social financing and trade data
released next week.
China accounts for about half
of global industrial metal consumption.
