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(Bloomberg) — Copper was on track for its second straight weekly gain as investors looked past potential demand headwinds presented by the mid-week resurgence in fighting in the Middle East.
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The metal was little changed on Friday, heading for a weekly gain of 1.1%. Its performance mirrors that of other risk assets, which have recovered losses since the US launched fresh strikes on Iran earlier in the week.
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Technical talks between Iran and the US to find a permanent end to their months-long conflict are continuing after two days of clashes, according to a US official. A return to all-out war could see further disruption to global energy supplies through the Strait of Hormuz, which would risk curbing economic growth and demand for industrial commodities like copper.
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Copper — which is viewed as a proxy for global growth — has held within a fairly tight trading range since the US and Iran agreed a temporary ceasefire last month. Next week, traders will look to US data that could provide the next steer on the Federal Reserve’s monetary policy outlook. Higher interest rates typically curb investor demand for non-yielding commodities.
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Copper was little changed at $13,510.50 a ton on the London Metal Exchange as of 8:49 a.m. local time. Aluminum dropped 1.1%, reversing earlier gains after Emirates Global Aluminium said it has restarted an alumina plant in Abu Dhabi and expects output to reach 50% of capacity within days. Other metals were flat to lower.
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—With assistance from Mark Burton.
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(An earlier version of this story corrected timing of US data in fourth paragraph.)
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