Copper gains on the last day of the week

But prices falter on a weekly basis

Red metal prices at Comex ended modestly higher on Friday, 18 November 2011. Prices rose as some investors viewed supportive moves in currency markets as an opportunity to buy after the previous day's slide to one-week lows.

Copper for December delivery ended higher by 2 cent (0.6%) at $3.4 a pound at Comex on Friday. For the week, copper shed 1.7%.



Red metal prices for three-month-delivery at LME rose $30 (0.4%) to $7,575 a metric ton on Friday.

For the month of October, copper ended with a gain of 15%. In the third quarter, copper tumbled 26%, the most since 2008. The metal touched a 14-month low of $2.994 on 3 October, 2011.

The worry is that a European credit crunch could slam the industrial economy and limit demand for raw materials, and these concerns have overshadowed production shortfalls that threaten to limit copper supply.

In the currency market on Friday, the Dollar Index, which weighs the strength of dollar against basket of six other currencies traded lower by 0.3%. The dollar stayed weak against the euro on Friday, following reports European officials may discuss a plan that would see the European Central Bank loan money to the International Monetary Fund to help finance bailouts.

Among other traded metals at LME on Friday, lead in London rose 1.7% to $2,050 a ton and nickel fell 1.1% to $17,900 a ton. Aluminum closed higher by 0.6% at $2,106 a ton, and zinc closed higher by 1.4% at $1,955 a ton.