Copper inches up as investors weigh US job data, Fed rate decision

SHANGHAI: Copper nudged higher after a three-day decline on Wednesday, as market participants awaited the release of delayed US job data, with uncertainties over the Federal Reserve’s rate decision keeping gains in check.

The most-active copper contract on the Shanghai Futures Exchange gained 0.15% to 86,060 yuan ($12,107.48) a ton as of 0300 GMT.

The benchmark three-month copper on the London Metal Exchange also rose, up by 0.26% to $10,747.5 a ton.

Investors are trading cautiously ahead of the release of official September US job data that was delayed by the government shutdown, a key reference for the country’s monetary policy direction ahead of the Federal Reserve’s December interest rate call.

Fed officials have been pushing back on the idea that a December rate cut was a done deal, leaving the market in doubt against one of the key pillars supporting its previous rally.

Copper, meanwhile, was still supported by supply concerns, sparked by mine disruptions worldwide.

Freeport-McMoRan said on Tuesday that it plans to resume production at Indonesia’s Grasberg mine by July 2026, in line with previous guidance, after a September mud-flood that killed seven workers and halted operations.

Freeport expects 2026 copper and gold output to be roughly in line with 2025 levels.

A stronger Chinese yuan helped to the stabilize market by making the dollar-priced commodities cheaper for Chinese investors.

China’s refined copper output in October declined 4.9% month on-month, but still registered an 8.9% yearly gain, official data showed on Tuesday.

Elsewhere among SHFE base metals, aluminium added 0.19%, zinc rose 0.34%, nickel was up 0.26%, tin gained 0.87% and lead posted sole loss at 0.41%.

Among other LME metals, aluminium added 0.52%, zinc rose 0.32%, lead ticked 0.10% up, nickel climbed 0.29%, and tin gained 0.34%.