Copper prices rose on Friday, supported by a weaker dollar and easing concerns over escalating exchanges between the US and Iran.

Benchmark three-month copper on the London Metal Exchange rose 0.29% to $13,528 per metric ton by 03:00 GMT. The most-traded copper contract on the Shanghai Futures Exchange also rose 1.61% to 103,950 yuan ($15,334.80) per ton.

Copper recorded a weekly gain of 1.2% on the London Metal Exchange, in a volatile week following renewed confrontations between the US and Iran, raising concerns about the impact of geopolitical tensions on the global economy and inflation.

The dollar fell for a third consecutive session, supporting copper prices as it made the metal cheaper for buyers using other currencies.

New York Federal Reserve President John Williams on Thursday downplayed the impact of the recent Middle East escalation on the inflation path.

Inflation expectations and the interest rate path significantly affect prices of industrial metals linked to growth, especially copper, as higher interest rates typically reduce demand by curbing economic activity.

In other metals markets, aluminum rose 0.55% on the LME and 0.67% on the Shanghai Futures Exchange. With a weekly gain of more than 4% on the LME, the light metal is on track for its best weekly performance since April.

Aluminum was supported by declining inventories and supply disruptions in the Middle East, where reduced production in the region—accounting for about 9% of global aluminum smelting capacity—has pushed the market into a deficit.

Total aluminum inventories in LME warehouses remain at their lowest since 2022.

Zinc on the LME edged up 0.06%, after jumping over 3% on Thursday following reports of a fire at a South Korean smelter, while zinc on the Shanghai Futures Exchange rose 1.32%.

Among other metals traded on the LME, lead rose 0.18%, nickel rose 0.29%, and tin rose 0.1%.

On the Shanghai Futures Exchange, lead was nearly flat with a limited rise of 0.03%, while nickel rose 1.13% and tin rose 2.38%.