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Although China was closed during the National Day, it was in line with market expectations, and China's official manufacturing PMI for September, which was above the boom and bust line for two consecutive months, has supported copper prices during this period, but as successive US economic data have raised the possibility of FED interest rate hikes later this year, holding a higher US dollar has collectively weighed
on commodity futures.
The non-farm payrolls data on Friday night surprised the market with a weaker-than-expected performance and also allowed London copper to "come back to life" and recover
from a two-week low.
This week, China's September trade and inflation data will be released, and the copper market will usher in another bloody storm
.
Review of the London copper market during the domestic National Day:
LME copper rose 0.
5% to $4,864 on September 30 and 5.
3% in September, its biggest monthly gain in a year and a half, as optimism on demand growth helped copper to cover gains in other base metals
.
Copper futures were lower on Monday, Oct.
3 as funds sold off, but losses were limited as expectations of increased demand from China, the largest consumer
, after improved manufacturing activity in China.
Three-month copper for the LME index closed down 0.
9 percent at $
4,819 a tonne.
Copper futures slipped on Tuesday, Oct.
4, dragging other base metals down as the dollar rose but signals of an improving Chinese economy limited market losses
.
LME three-month copper closed down 0.
3 percent at $
4,805 a tonne.
Copper futures fell on Wednesday, Oct.
5, as good U.
S.
services data boosted the U.
S.
dollar and underlying gold came under pressure
.
Copper futures fell $80 for the week, up more than 5 percent in September, the biggest monthly gain since February 2015
.
The three-month LME copper closed at $4,800 a tonne, down 0.
1 percent, hitting an intraday low of just over a week at $4,773, down 1 percent
over the past two days.
Copper futures hit a two-week low on Thursday, Oct.
6, as U.
S.
jobless claims showed further improvement in the job market, boosting the likelihood of the Federal Reserve raising interest rates later this year and pushing the dollar
higher.
Three-month copper on the Tun Metal Exchange closed at $4,758 a tonne, down 0.
9 percent and earlier hit its lowest since Sept.
20 at $4,750
.
Copper futures rose on Friday, October 7 as US jobs rose less than expected in September, suggesting that the US Federal Reserve may be more cautious about raising interest rates, causing the dollar to parize gains
.
LME three-month copper closed up 0.
4 percent at $
4,775 a tonne.
