Copper price jumps after weak US manufacturing data
Copper for delivery in December rose 2.3% from Monday’s settlement price, touching $3.49 per pound ($7,678 per tonne).
Jobs data due later this week should provide more clues on the Federal Reserve’s rate-hike trajectory, with more robust employment gains likely to firm its hawkish stance.
[Click here for an interactive chart of copper prices]
In China, there’s speculation Beijing may soon start relaxing its strict covid-19 restrictions.
While it’s unlikely that a complete reversal of the Covid Zero policy will take place at the National Congress on October 16, a gradual easing is on the cards, Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia, said in a note.
Read more: Antofagasta sees lower copper output on Los Pelambres hit
(With files from Bloomberg)
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