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London Metal Exchange (LME) copper futures recorded their biggest weekly gain since late August, supported by expectations of strong demand from major consumer China, but a stronger dollar limited gains
.
At 17:00 London time on October 6 (00:00 Beijing time on October 7), three-month copper closed down 0.
5% at $6,667 a tonne, after rising to its highest since September 12 at $6,724
.
At present, the trading volume is still low, because the Chinese market is closed due to the National Day Golden Week, today is the last day of the holiday, and normal trading
will resume next Monday.
The dollar fell on Friday as reports that North Korea was preparing to test a long-range missile reversed earlier gains in the
greenback.
The US jobs report showed a larger-than-expected wage rise in September, driving the dollar higher
earlier.
But the dollar is set for a fourth straight week of gains, helped by expectations
of a rate hike in December.
For overseas buyers, a stronger dollar means that dollar-denominated industrial metals are more expensive, potentially hurting demand
.
U.
S.
nonfarm payrolls fell by 33,000 after the quarterly adjustment in September, the first decline since October 2010, and the unemployment rate slipped to 4.
2 percent
, Labor Department data showed on Friday.
Previously, the market expected an increase of 90,000 people, and the unemployment rate remained at 4.
4%.
The unexpected decline in nonfarm payrolls was due to the temporary unemployment of homeless workers and delays in hiring caused by Hurricanes Harvey and Irma, which also showed that the hurricane hurt
overall economic performance in the third quarter.
Commodity broker Marex Spectron said in a note that the support level for copper futures is around $6,580-6,600 per tonne, and the resistance level is $6,775-6,800
.
Both the 50-day and 21-day moving averages cut around $6,550
.
Copper prices have risen more than 20% so far this year, up as much as 2.
9%
this week.
ABN AMRO analyst Casper Burgering said shortages in the global refined copper market over the past three months had helped push copper prices
higher.
Copper's fundamentals remain solid and there are no signs of slowing demand, with he expects prices to be between
$6,800-6,850 by the end of the year.
