Copper Edges Higher on Softer Dollar After Weak US Jobs Data
Copper prices ticked higher on Friday due to a softer US dollar after weaker-than-expected jobs data from the US. The benchmark three-month copper price on the London Metal Exchange rose 0.1% to $14,262.50 a metric ton by 1615 GMT.
This marked a decline of about 2% since the end of last week. Neil Welsh, head of metals at broker Britannia Global Markets, noted that metals have seen light turnover with copper finding some support from a slightly softer dollar, but the broader tone remains cautious.
High energy costs stemming from the ongoing US-Iran conflict and signs of industrial weakness in China have weighed on sentiment across the complex. The dollar index dropped after US jobs growth slowed more than expected in September, making commodities priced in the US currency cheaper for buyers using other currencies.