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London copper ended higher on Friday, driven by a weaker U.
S.
dollar, but fell the most this week since late November, driven by concerns about the state of China's economy and a stronger dollar
.
At 16:00 London time on May 6 (00:00 Beijing time on May 7), three-month copper on the London Metal Exchange (LME) closed up 0.
5% at $4,810 a tonne, hitting a four-week low of $
4,755 earlier in the session.
Weak manufacturing data this week has been weighing on copper prices
.
Caixin China's April manufacturing PMI data released on Tuesday fell slightly to 49.
4, sitting below the 50-month watershed for the 14th consecutive month, indicating that the foundation of industrial recovery remains weak and the economy is still in the process of
building a bottom.
Since China accounts for about 45% of total global copper demand, copper prices are generally very sensitive to
Chinese economic data.
A weaker dollar drove copper prices higher
.
Data released earlier by the US Department of Labor showed that the US non-farm payrolls added only 160,000 in April, the weakest growth rate since September 2015, far below expectations, indicating that the US economy began to slow
at the beginning of this year.
The EURUSD rose to a daily high
after the data.
The weak data also led most analysts to believe that the Fed will leave interest rate policy unchanged
at its next meeting in June.
Goldman Sachs, a well-known investment bank, released its average price estimates for copper and aluminum on Friday, expecting the average price of copper in three, six and 12 months to be $4,500, $4,200 and $4,000 per tonne
, respectively.
The bank expects the average aluminum prices after three months, six months and 12 months to be $1,450/mt, $1,400/mt and $1,350/mt
, respectively.
Goldman Sachs said that overall, the weakness in copper and aluminum prices in the next three, six and 12 months is based on supply-side factors
.
Overall, hawkish comments from Fed officials have continued to strengthen the dollar, leading to a decline in nonferrous metals, while demand concerns climb again as the peak season ends, and nonferrous metals are expected to continue to be weak
.
