London copper rose on Monday, helped by a softer dollar after weaker-than-expected U.S. jobs data boosted bets for a Federal Reserve interest rate cut in September.
Three-month copper on the London Metal Exchange was up 0.4% at $9,665.50 per metric ton, as of 0414 GMT.
The most-traded copper contract on the Shanghai Futures Exchange was steady at 78,240 yuan ($10,898.45) a ton.
The dollar index fell 0.4% against a basket of rivals after a dismal U.S. jobs report and firing of a top labour official by President Donald Trump stunned investors and led them to ramp up bets for imminent Fed rate cuts.
A weaker dollar makes greenback-denominated assets more affordable to holders of other currencies.
Chilean miner Codelco has reduced copper extraction operations at its flagship El Teniente mine after a fatal accident but is still operating its concentrator and smelter, union leader Amador Pantoja told Reuters on Friday.
Meanwhile, China’s refined copper output is set to hit a record high in 2025, analysts say, as its giant smelting sector powers through a global shortage of copper ore that is forcing some overseas competitors out of business.
A surprise move by U.S. President Donald Trump to exclude refined metal from 50% import tariffs dragged down U.S. copper prices 23% on the Comex exchange last week.
“There are now fears that the huge stockpile of copper that now sits in COMEX warehouses will be re-exported to international markets. That would put downward pressure on international benchmark copper prices,” ANZ analysts said in a note.
Among other metals in London, aluminium was up 0.1% at $2,566.50 a ton, nickel gained 0.3% to $15,030, lead rose 0.2% to $1,974.50, tin fell 0.5% to $33,245, and zinc edged 0.2% higher to $2,731.50.
SHFE aluminium was flat at 20,465 yuan, nickel added 0.1% to 120,070 yuan, lead rose 0.5% to 16,735 yuan, tin gained 0.4% to 265,390 yuan, and zinc slipped 0.6% to 22,210 yuan.
Comments
Comments are closed for this article.