Copper prices rise despite disappointment over Chinese growth targets

Copper prices rose on Monday as the dollar declined against most major rivals with the metals pressured by disappointment over Chinese growth targets.

At the London Exchange, copper futures due in three months fell 1.8% to $8833 a tone, following a 3% profit last week after a Fed official sounded his support for smaller 0.25% rate hikes. 

Growth Targets

Traders were disappointed by official growth targets in China, with the focus now shifting to Fed Chair Powell's testimony and the US payrolls report.

China expects only a 5% growth rate this year, below market hopes.

Otherwise, the US non-farm payrolls report is expected to show an addition of 200 thousand new jobs in February.

Also copper inventories were shown to by 10% higher so far in March at 72,400 tones at the London Exchange, while inventories are 340% higher at the Shanghai exchange since late December at 240,980 tones.

The Dollar

The dollar index fell 0.2% as of 15:25 GMT to 104.2, with a session-high at 104.6, and a low at 104.2.

Upcoming moves will rely heavily on Fed Chair Jerome Powell's testimony ahead of Congress this week.

On trading, copper futures due in May were up 0.4% as of 15:20 GMT to $4.08 a pound.