The price of copper in London is on track for its first weekly rise in seven weeks, with the price reaching its highest level in over three weeks on Friday.

Three-month copper on the London Metal Exchange (LME) rose 0.6% to $9,945 per metric ton at 0938 GMT after reaching $9,967.5 GMT after reaching $9,967.5, its highest level since June 12. The contract is up 3.5% this week. Copper, used in energy and construction, has fallen by 10% since speculative buying took prices to a record high of $11,104.5 on May 20. On the technical side, copper is facing the resistance of its 50-day moving average at $9,993

Zinc was up 0.7% to $3,008 per ton after Chinese company MMG shut down a processing plant at its Dugald River zinc mine in Australia for about two months of repair work. LME aluminum rose 0.7% to $2,539 per ton, lead rose slightly by 0.4% to $2,229.50, tin jumped 1.2% to $33,505, and nickel rose 1.1% to $17,395