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Copper was poised for a fourth straight weekly gain on the London Metal Exchange (LME), edging up 0.3 percent to US$9,849 a tonne, as improved economic signals from the United States and China lifted sentiment in industrial metals.
According to a market commentary by Access Bank Group, revised US GDP data showed the economy grew at a faster-than-expected 3.3 percent annualised pace in the second quarter.
In China, industrial profits declined at a slower rate in July, suggesting that measures to address overcapacity may be easing pressure on producers.
Aluminium and nickel each gained about two percent this month, while zinc and lead also traded higher.
“There is scope for further gains as dollar weakness underpins industrial metals, with G20 currency trends reinforcing the case for a cyclically bearish US dollar in the second half of the year,” the report stated.
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In the US, business investment rose 5.7 percent, driven by transportation equipment and the fastest growth in intellectual property in four years.
Consumer spending grew by 1.6 percent, while corporate profits rebounded 1.7 percent after a sharp first-quarter drop. Gross domestic income surged 4.8 percent, reflecting stronger margins despite tariff pressures.
However, economists cautioned that weaker demand outside of trade and investment, combined with tariffs and a softening labour market, could weigh on growth momentum.
Inflation, measured by the Federal Reserve’s preferred PCE index, rose 2.5 percent, keeping markets alert to price pressures as traders look ahead to a possible September rate cut.
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