Copper climbs as dollar loses ground and after data

Economies.com
2023-01-06 15:44PM UTC

Copper prices rose on Friday as the dollar lost ground against a basket of major rivals and following earlier data that showed stronger growth in the US, which paves the way for better demand. 

 

Earlier data showed US unemployment fell to 3.5% in December from 3.7% in the previous reading, below estimates of 3.7%.

 

US economy added 223 thousands new jobs in December, above estimates of 200 thousand, while down from a revised 256 thousand addition in November.

 

Copper is a highly sensitive market to the directions of the global economy for its usage in many major industries. 

 

The dollar index fell 0.5% to 104.5 as of 15:31 GMT, with a session-high at 105.6, and a low at 104.4. 

 

Copper futures due in March rose 1.2% to $3.87 a pound as of 15:29 GMT. 

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