Copper prices rally on weaker US jobs data easing Fed rate hike fears
Copper prices rose for the second consecutive day on October 5, 2026, as a weaker-than-expected US jobs report eased concerns about Federal Reserve interest rate hikes. The metal gained 0.6% to $14,347 a ton on the London Metal Exchange (LME) by 10:27 a.m. Singapore time.
Traders had initially bet on a rate hike this month, which would have pressured commodity prices. However, data showing nonfarm payrolls rising just 29,000 last month, far below economist estimates, reduced those expectations. Copper had previously dropped sharply on Friday due to signs of industrial weakness in China.
Despite the recent volatility, copper prices remain near record highs, supported by strong demand from data centers and renewable energy projects. The threat of US tariffs earlier this year had led to a surge in copper imports, potentially tightening supply in other regions.
Other metals saw mixed movements, with tin rising 0.2% and aluminum unchanged. Meanwhile, Singapore iron ore futures fell 0.3% to $91.05 a ton, possibly due to reduced trading activity as Chinese traders observe the Golden Week holiday.