March 8 (Reuters) –Most nonferrous metals were set for a weekly gain on Friday, aided by a weaker dollar amid the U.S. Federal Reserve’s interest rate cut hopes, better-than-expected China trade data, and supply worry in some metals.
Three-month copper on the London Metal Exchange CMCU3 fell 0.2% to $8,622 per metric ton by 0345 GMT, but it was up 1.4% on a weekly basis.
The most-traded April copper contract on the Shanghai Futures Exchange SCFcv1 advanced 0.5% to 69,780 yuan a ton. The contract was also up 1.2% week on week.
The dollar headed for its sharpest weekly drop of the year, making greenback-priced metals cheaper to holders of other currencies, as FedChair Jerome Powell sounded more confident about cutting interest rates in coming months.
In China, the world’s biggest metals consumer, export and import growth in the January-February period beat forecasts, suggesting global trade is turning a corner.
LME lead CMPB3 rose 0.2% to $2,112.50 a ton, and was rising 3.8% on a weekly basis, on track for the best week since November last year.
Both LME nickel CMNI3 and zinc CMZN3 were set for the fourth straight week of gain, as nickel mining quota delay in Indonesia and output cut at a zinc smelter in South Korea caused supply uncertainty.
However, metals prices gains were capped by soft manufacturing data globally and the lack of surprises and stimulus policy details from a key political meeting in China.
LME tin CMSN3 fell 0.5% to $27,480 but was up 3.7% on a weekly basis, set for the best weekly gain since Jan. 26.
LME aluminium CMAL3 eased 0.2% to $2,249, while SHFE aluminium SAFcv1 rose 0.4% to 19,175 yuan a ton.
SHFE nickel SNIcv1 climbed 1% to 137,240 yuan, zinc SZNcv1 advanced 1.2% to 21,205, lead SPBcv1 increased 0.5% to 16,130 yuan and tin SSNcv1 edged up 0.1% at 221,940 yuan.
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TOP/MTL or MET/L
DATA/EVENTS AHEAD (GMT)
0700 Germany Industrial Output MM, YY Jan
1000 Euro Zone GDP Revised QQ, YY Q4
1330 US Non-farm Payrolls Feb
1330 US Unemployment Rate Feb
Reporting by Mai Nguyen in Hanoi; Editing by Rashmi Aich
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