Copper Edges Higher on Softer Dollar After Weak US Jobs Data

Copper prices edged higher on Friday due to a softer US dollar following weaker-than-expected jobs data. The benchmark three-month copper price rose 0.1% to $14,262.50 per metric ton on the London Metal Exchange.

This marks a decline of about 2% since the end of last week. Despite the slight increase, Neil Welsh, head of metals at broker Britannia Global Markets, notes that 'the broader tone remains cautious.' He attributes this to high energy costs stemming from the ongoing US-Iran conflict and industrial weakness in China.

The dollar index dropped on Friday after US jobs growth slowed more than expected in September. This makes commodities priced in the US currency cheaper for buyers using other currencies. The LME copper price has gained 16% over the past six months, largely due to a shift in inventories to the US, creating shortages elsewhere.