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LME copper rallied on Friday on weaker dollar indices

 Last Update: 2022-12-23
 Source: Internet
 Author: User

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metals market today

copper metal nonmetal

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London Metal Exchange (LME) copper and other industrial metals rebounded on Friday after unexpectedly weak U.
S.
employment data weighed on the dollar
.
U.
S.
nonfarm payrolls rose by just 194,000 in September, the lowest in nine months, after the market had previously estimated an increase of 500,000
.

Copper period

Traders said the weakening of the dollar index caught metals traders off guard, scrambling to adjust positions and buy back bearish positions as metal contracts hit stop-loss levels
.

A weaker dollar has made dollar-denominated commodities cheaper
for buyers using other currencies.
Industry insiders said that the market is still very tight on the supply side and, as a result, is vulnerable to the movement of the dollar
.
So, when the dollar reacts negatively to the jobs data, it boosts metal prices
.

At 1600 GMT, the LME benchmark three-month copper rose 0.
8% to $9,355.
50 a tonne, having hit a low of $9,232.
50 in early trading, and copper prices reversed
after employment data.
Nickel futures rose the most, rising 5.
2 percent to $19,215 a tonne, partly due to short covering
.
Zinc futures rose 3.
5% to $3,157.
50 a tonne, after hitting a high of $
3,179 since June 2018.

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