Copper touches seven-week high as dollar slumps, stockpiles tighten

London copper prices hit a seven-week high Friday before pulling back as investors locked in profits after the metal’s 3.3% gain this week, driven by a weaker dollar and tightening inventories. The U.S. dollar slid to a one-year low against a basket of currencies after surprising data showed U.S. producer prices falling by 0.5% in March. Copper inventories in warehouses monitored by the Shanghai Futures Exchange are down 4% this week, and copper held in warehouses registered by the London Metals Exchange has fallen to its lowest level since 2005. According to Reuters, benchmark LME copper (HG1:COM) recently was +0.4%…