Shanghai Futures Exchange copper prices moved higher on Friday, as trade tensions between the United States and the European Union eased, although lingering concerns over the Sino-US trade dispute curbed gains. The most-traded September copper contract on the ShFE closed up 0.2 percent at 50,090 yuan ($7,357.84) a tonne. Shanghai aluminium closed up 0.5 percent for a gain of 2.3 percent this week, its biggest weekly jump since April. London aluminium slipped 0.3 percent, but is poised for its first weekly jump in eight after funds cut bets on lower prices.
After meeting European Commission chief Jean-Claude Juncker on Wednesday, US President Donald Trump said the two would work toward eliminating trade barriers on industrial goods.
Copper rose 3.5 percent in Shanghai this week, its first weekly rise in seven after fears of a global trade war dragged prices down.
London copper edged down on Friday, but was set for its first weekly rise in seven, with wage negotations at Chile's Escondida mine also supporting prices.
Malcolm Freeman, CEO of Kingdom Futures, warned it was premature to say metals markets had stabilised.
"There is still quite a large disconnect in the global economy and until that settles and there is evidence of realignment it's unlikely that it will be plain sailing for the metals prices," he wrote in a note.
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