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METALS-London copper rises; set for second weekly drop on dollar strength, demand woes

HANOI, Feb 5 (Reuters) - London copper prices edged up on Friday, but the contract was on track for a second week of losses due to a firm dollar and demand worries from top consumer China.

Chinese markets will remain closed from Feb. 11-17 for Lunar New Year holidays, potentially slowing demand for industrial metals.

While a firmer dollar made greenback-priced metals on the London Metal Exchange more expensive to holders of other currencies.

However, copper prices have been supported from low level of inventories and hopes of further U.S. stimulus that could boost demand for the red metal.

LME three-month copper rose 0.2% to $7,838 a tonne by 0428 GMT. On a weekly basis, it was down 0.2%, on track for the second straight week of losses.

The most-traded March copper contract on the Shanghai Futures Exchange rose 0.7% to 58,030 yuan ($8,961.47) a tonne.

FUNDAMENTALS

* LME aluminium rose 0.4% to $2,001 a tonne, nickel advanced 0.7% to $17,760 a tonne and zinc increased 0.8% to $2,647 a tonne.

* ShFE aluminium increased 1.7% to 15,430 yuan a tonne, nickel was up 1.4% to 131,920 yuan a tonne, while lead climbed 1.7% to 15,235 yuan a tonne.

* Indonesia has received an investment proposal from U.S. electric vehicle maker Tesla, the country’s deputy head for investment and mining coordination, Septian Hario Seto, said.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian futures were little changed in early trading after progress in vaccine distribution and a large U.S. stimulus program sent two major Wall Street indexes to record closing highs.

DATA/EVENTS (GMT)

0700 Germany Industrial Orders MM Dec

0830 UK Halifax House Prices MM Jan

1330 US Non-farm Payrolls, Unemployment Rate Jan

1330 US Average Earnings YY Jan

1330 US International Trade Dec

$1 = 6.4755 yuan Reporting by Mai Nguyen; Editing by Rashmi Aich

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