BEIJING: Copper prices fell on Monday after weaker-than-expected US jobs data fanned more worries over the health of the world’s largest economy.
Three-month copper on the London Metal Exchange shed 0.5% to $8,951 per metric ton by 0144 GMT, having lost 2.6% last week, the biggest weekly fall since July.
The most-traded October copper contract on the Shanghai Futures Exchange declined 1.2% to 71,720 yuan ($10,091.89) a ton.
The closely watched jobs data on Friday showed labor market momentum slowing more than expected, suggesting a narrower path for the US to achieve a soft landing. That sent risk assets tumbling, including copper, often seen as an economic indicator.
The reading kept market expectation of a September rate cut by the Federal Reserve on track, however, the size and speed remain unclear.
Copper drifts lower after US jobs data
Investors are waiting for more data this week, including trade data from China, the world’s top metals consumer.
LME nickel added 0.3% to $15,935 a ton, lead eased 0.2% to $1,959.50, aluminium slid 0.5% at $2,331, zinc moved 0.4% lower to $2,707 and tin fell 1.8% to $30,470.
SHFE aluminium lost 0.9% to 19,110 yuan a ton, nickel declined 1% to 122,530 yuan, zinc dropped 0.4% to 22,660 yuan, lead lost 2.1% to 16,545 yuan, and tin dropped 0.7% to 248,380 yuan.
Source: Brecorder
