Mumbai, 9 Sep (Commoditiescontrol): Copper prices declined on Monday as weaker-than-expected U.S. jobs data raised fresh concerns about the health of the world's largest economy. Three-month copper on the London Metal Exchange (LME) fell 0.5% to $8,951 per metric ton, following a 2.6% drop last week, which marked its largest weekly decline since July. The most-traded October copper contract on the Shanghai Futures Exchange (SHFE) also decreased by 1.2% to 71,720 yuan ($10,091.89) per ton.
Friday's closely watched U.S. jobs report revealed a slowdown in labor market momentum, indicating a more challenging path for the U.S. economy to achieve a soft landing. This triggered a selloff in risk assets, including copper, which is often regarded as a key economic indicator.
Despite the disappointing jobs data, market expectations remain that the Federal Reserve will cut interest rates in September. However, the pace and magnitude of the rate cuts remain uncertain. Investors are now looking ahead to additional data this week, particularly trade figures from China, the world's largest consumer of metals, for further direction.
In other metals, LME nickel inched up 0.3% to $15,935 per ton, while lead dipped 0.2% to $1,959.50, aluminum slid 0.5% to $2,331, zinc fell 0.4% to $2,707, and tin dropped 1.8% to $30,470.
On the SHFE, aluminum declined 0.9% to 19,110 yuan per ton, nickel fell 1% to 122,530 yuan, zinc eased 0.4% to 22,660 yuan, lead dropped 2.1% to 16,545 yuan, and tin decreased 0.7% to 248,380 yuan.
(By Commoditiescontrol Bureau: 09820130172)
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