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On Friday, London copper opened at 4757.
5 US dollars / ton, Asian and European trading session, London copper relying on the 40-day moving average, around the daily average sideways, up and down volatility of only 20 US dollars / ton, the market held its breath waiting for the non-farm payrolls data, the evening United States released September non-farm payrolls data 156,000 less than expected, after the data came out, the US federal funds rate futures showed a probability of interest rate hikes in December of less than 50%, The dollar instantly fell to around 96.
43, London copper bulls have poured in, copper prices rose sharply, blocked at the 10-day moving average, with the slight recovery of the dollar, London copper bulls have closed their positions, copper prices fell back, closing at $4790 / ton at the white line, up $30 / ton
.
Copper for London Metal Exchange (LME) futures rose on Friday as U.
S.
jobs rose less than expected in September, suggesting the Federal Reserve may be more cautious about raising interest rates, paring gains for the dollar
.
Data released by the US Department of Labor on Friday showed that the US non-farm payrolls increased by 156,000 in September, compared with the market expecting an increase of 175,000, slowing for the third consecutive month, and increased by 167,000 in August, compared with an increase of 151,000 in the previous month, and an increase of 252,000 in July and an increase of 275,000
in the previous month.
Base metals rose
slightly after the non-farm payrolls report fell and the dollar rose, analysts said.
The dollar was lower, boosting commodity purchasing power
for investors holding other currencies.
Analysts also closely monitor the pound.
On Friday, the pound fell 10% in minutes, with traders saying it was a computer-initiated sell order that triggered the pound's flash of decline
.
At 16:00 London time on October 7 (00:00 Beijing time on October 8), three-month copper closed up 0.
4% at $
4,775 a tonne.
Three-month aluminum closed down 0.
1 percent at $1,675, after hitting its highest since Aug.
19 at $1,682.
50
.
Today, focusing on the US election and China's new RMB loan data, London copper is expected to consolidate around $4800/ton, and the overall operation is in the range of $4780-4820
/ton.
