London copper prices were on track for their biggest weekly gain in nearly five years on strong risk sentiment in the financial markets and as the metal surpassed a key psychological level.

Three-month copper on the London Metal Exchange rose 0.4% to $10,028 a tonne by 0312 GMT, up 7.1% on a weekly basis and on track for its strongest weekly rise since November 2016.

The metal surpassed $10,000 a tonne in late trading on Thursday, the first time it has done so since June 14.

US stocks powered ahead overnight after data showed a fall in new claims for unemployment benefits, lower-than-expected factory gate price inflation and forecast-beating results for the four largest US consumer banks.

Copper is often used as a gauge of global economic health due to its widespread usage across industries.

The most-traded November copper contract on the Shanghai Futures Exchange advanced 2.8% to 73,840 yuan ($11,474.75) a tonne, up 6.6% on a weekly basis.

Fundamentals

• Cash copper on the LME was at a $147-a-tonne premium over the three-month contract, the highest level since April 2012, indicating shortage of nearby supplies.

• LME aluminium rose 0.7% to $3,137.50 a tonne, while ShFE aluminium increased 1.7% to 23,860 yuan a tonne, ShFE zinc climbed 2.5% to 25,530 yuan a tonne and ShFE tin advanced 1.5% to 279,080 yuan a tonne.