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LME copper and most other base metals futures extended gains in Asian markets on Friday, as the dollar weakened ahead of the release of the US non-farm payrolls data, and the report was expected to show a slowdown
in US employment growth in July.
At 10:39 a.
m.
Beijing time, three-month LME copper rose 1.
2 percent to $
7,822 a tonne.
September copper on the Shanghai Futures Exchange rose 1.
3 percent to 60,180 yuan
a tonne.
Earlier this week, London copper recorded a three-day losing streak on weak global manufacturing data
.
While the recent rally has been largely driven by technical buying, overall sentiment remains bearish
amid concerns about the performance of the global economy.
Friday's focus will be on the closely watched U.
S.
jobs report, which is expected to show a 250,000 increase in nonfarm payrolls in July and 372,000
in June.
Any sign of strength in the labor market could heighten fears
that the Fed will take aggressive measures to curb inflation.
