Copper prices edged higher in London on Friday as the dollar weakened and supplies shrank in nearby markets, raising prices of newer copper futures compared to older ones.

Copper three-month futures at the London Metals Exchange rose 0.1% to $9443 a tone by 09:55 GMT.

US President Donald Trump said crucial trade negotiations with China will be conducted this weekend, and he expects the punitive 145% tariffs on Chinese goods to fall.

A softening of the trade dispute between the two largest economies in the world would likely boost growth, market sentiment, and copper demand, in turn underpinning prices.

Otherwise, copper inventories monitored by the Shanghai Futures Exchange fell 9.6% this week, and are down 70% since late February.

At the London Metals Exchange, the gap between the Shanghai Exchange price and three-month contract price in London closed at a $46 a ton surplus, the highest since November 2022, and compared to a deficit of $64 a ton in early April, as London inventories continue to attract inflows from abroad. 

China’s copper imports hit a record high in April as industrial production picks up pace. 

As for other metals, aluminum price rose 0.6% at the London Exchange to $2428 a ton, while zinc rose 1.1% to $2647.5, as lead rose 1.6%, while nickel rose 1.1% to $15,705. Tin rose 0.1% to $31,760.

Otherwise, the dollar index fell 0.4% as of 14:46 GMT to 100.2, with a session-high at 100.8, and a low at 100.2.

Copper July futures rose 1.3% as of 14:40 GMT in American trade to $4.66 a pound.

Canada's unemployment rate rose to 6.9% in April, the second monthly increase in a row, from 6.7% in March, and above estimates of 6.8%.

Canada's economy added 7.4 thousand new jobs in April, beating estimates of a 4.1 thousand addition, and improving from March's 32.6 thousand loss.

Bitcoin rose on Friday on track for the fifth loss in a row, plumbing four-month highs while holding above the psychological barrier of $100,000 and on track for a new weekly profit. 

The considerable gains come amid a positive atmosphere in the crypto market as major corporations continue to build up their bitcoin holdings, while investments continue to flow into US bitcoin exchange funds.

The Price

Bitcoin rose 1.1% at Bitstamp today to $104,332, the highest since January 31, with a session-low at $102,360.

On Thursday, bitcoin rose 6.5%, the fourth profit in a row, and the largest since April 22 amid a positive outlook after the US-UK trade deal.

Crypto Market Value 

The market value of cryptocurrencies rose by over $65 billion to a total of $3.390 trillion, the highest since January.

Weekly Trades

Bitcoin is up over 9% so far this week, on track for the fifth weekly profit in a row.

MicroStrategy

Through the X platform, MicroStrategy’s Chairman Micheal Saylor announced a new round of bitcoin purchases, amounting to 1895 units, raising the company’s total holdings to a new record high.

The purchase occurred between April 28 and May 4, with the company spending $180.34 million, averaging $95,167 per unit.

The company now holds 555,450 bitcoins in total, averaging $68,610 per unit, with a total value of $38.11 billion.

MetaPlanet 

Japan’s MetaPlanet also expanded its bitcoin holdings, acquiring 550 new units between April 25 and May 6, costing $53.36 million and averaging $96,134 per unit.

The company now holds 5555 bitcoins in total, totalling $481.44 million, and averaging $86,669 per unit.

Bitcoin Exchange Funds 

US bitcoin exchange funds added nearly $600 million of investment this week, the third such weekly increase in a row, bringing the total cash inflows so far to over $5 billion.