Copper futures gain ground in American trade

Copper futures tilted higher in American trade as the dollar index hit a two-week high, following earlier data from the US and China, the two biggest world economies respectively. 

As of 02:46 GMT copper futures due on September 15 rose 0.08% to $294.50 a pound from the opening of $294.25, while the dollar index advanced 0.19% to 93.83 from the opening of 96.65. 

Earlier data from China, which accounts for 40% of global copper demand, showed consumer prices slowing down to 1.4% y/y in July, missing expectations of 1.5%, while producer prices steadied at 5.5%, below forecasts of 5.6%. 

Otherwise from the US, the preliminary reading for labor unit costs showed a 0.6% rise in the second quarter, slowing down sharply from 2.2% in the first quarter, and missing expectations of 1.1%, while non-farm productivity rose 0.9% in the previous quarter, compared to no-change in the first one, and passing expectations of 0.7%. 

Last Friday, the payrolls report showed the economy created 209 thousand new jobs, while the unemployment rate declined to 4.3%, as average hourly earnings accelerated in line with expectations.