(Updates prices, adds China support for property sector) By Eric Onstad LONDON, Nov 17 (Reuters) - Copper prices edged up onFriday, boosted by a weak dollar, fresh support by China for itstroubled property sector and worries about a potentialtightening of supply from mines. Three-month copper on the London Metal Exchange(LME) was up 0.7% at $8,274 a metric ton at 1700 GMT afterretreating from a six-week high in the previous session. U.S. Comex copper futures gained 0.6% to $3.72 a lb. "We're waiting to see what happens in Panama. There's nodoubt that on the mining side of things, it's pretty tight," DanSmith, head of research at Amalgamated Metal Trading, said. First Quantum Minerals this week reduced oreprocessing at Cobre Panama, one of the world's biggest coppermines, as protests against the project blocked port access. "The fundamental story for copper is very important - thegreen energy transition being very strong - and that's whynobody's that bearish on copper at the moment," Smith added. In the short term, technical signals were suggesting acorrection, but prices should resume the uptrend into year-end,he added. LME copper has bounced from an 11-month low of $7,856 onOct. 23.
The dollar was on track for one of its steepestweekly falls against major currencies this year as concerns growabout the worsening global economic outlook. A weaker U.S. currency makes dollar-priced commodities lessexpensive for holders of other currencies.
Metals prices have been pressured in recent months byworries about demand in China, which accounts for nearly half ofglobal copper consumption. Those concerns were reinforced thisweek by a fourth consecutive monthly fall in prices of newhomes.
On Friday, however, China's central bank and financialregulators pledged to ensure financing support for the propertysector and to work together to resolve local government debtrisks.
Nickel fell 0.8% to $16,890 a ton after touching theweakest since May 2021 at $16,820 on persistent worries aboutoversupply from Indonesia. "Even after the selling, we remain nickel price bears," TomPrice, head of commodities strategy at Liberum, said in a notethis week, which forecasts prices to average $15,675 next year.
In other metals, aluminium eased 0.4% to $2,207.50 aton, zinc dropped 1% to $2,551, tin lost 1.5% to$24,820 while lead rose 0.3% to $2,290 after touchingthe strongest since Sept. 1 at $2,297.50. For the top stories in metals click ($1 = 7.2467 Chinese yuan renminbi) (Reporting by Eric OnstadAdditional reporting by Neha Arora in New DelhiEditing by David Goodman, Louise Heavens and Andrew Heavens)
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES )) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.