Copper Prices Rise with Softer Dollar Amid Supply Concerns
Copper prices continued their upward trend on Friday, buoyed by a softer dollar after weak US jobs data and supply issues. The benchmark three-month copper on the London Metal Exchange rose 0.9% to $14,374.50 per metric ton by 1405 GMT.
This marked a decline of about 2% since the end of last week, according to Neil Welsh, head of metals at broker Britannia Global Markets, who noted that 'metals have seen light turnover again so far this session with copper finding some support with a slightly softer dollar, but the broader tone remains cautious.'
The softening of the US dollar made commodities priced in the currency cheaper for buyers using other currencies. The dollar index dropped on Friday after US jobs growth slowed more than expected in September.