Copper prices steady

London

Copper prices steadied on Friday, but remained near a five-week low due to increased supply and lackluster demand from top consumer China.

Three-month copper on the London Metal Exchange (LME) closed at $6,995 a tonne, compared with $6,970 at the close on Thursday.

Buoyant exports from China pushed its trade surplus to a record last month, fueling optimism that global demand will help counter pressure on the domestic economy from a weakening property sector.

Its copper arrivals, however, dropped 2.9 percent month-on-month in July, falling for a third straight month, after small importers delayed refined metal shipments. The metal, used in power and construction, sank to a five-week low on Wednesday at $6,951.75 a tonne.

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