Copper falls 1% as dollar rebounds

Economies.com
2018-12-10 15:20PM UTC

Copper futures fell nearly one percent in American trade as the dollar index rebounded from November 22 lows, following earlier data from China, accounting for 40% of global copper demand, and the US. 

 

As of 03:12 GMT, copper futures due in March fell to $273.95 a pound, while the dollar index rose 0.32% to 96.82 away from three-month lows. 

 

Earlier Chinese data showed the trade surplus ballooned to $44.7 billion in November from $34 billion as imports outstripped exports. 

 

Chinese consumer prices rose 2.2%, slowing down from 2.5% in October, while producer prices rose 2.7%, also slowing down from 3.3%. 

 

From the US, an index tracking job opportunities rose to 7.08 million from 6.96 million in September, missing estimates of 7.22 million.  

 

Payrolls data released last Friday showed the unemployment rate steadied at 3.7% in November as expected, the lowest since 1969. 

 

US average earnings rose 0.2% in November, missing estimates of 0.3% and matching the pace of October. 

 

The US economy added 155 thousand new jobs in November, missing estimates of 198K, and compared to October's 237K increase, revised from 250K. 

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