LME Copper steady
LME Copper prices were little changed Friday, after snapping a 6-day rally in the prior session, as investors remain cautious ahead of Key US payrolls data.
While encouraging US factory and initial jobless claims numbers that tempered recession fears underpinned prices, concerns about the European economy were expected to weigh on sentiment.
The Overall Fundamentals
Three-month Copper on the London Metal Exchange edged up 0.1% to 9,160 a tonne by 0114 GMT, after
falling 1.4% Thursday. It was headed for a gain of about 1% on the week, its 2nd straight weekly rise.
The most-active November Copper contract on the Shanghai Futures Exchange edged down 0.03% to 68,170 Yuan per ton, after falling 0.3% Thursday, it is on track for a 2nd straight weekly rise of more than 1%.
Caution is likely to prevail before the key U.S. August employment report is released at 1230 GMT. Nonfarm payrolls are expected to have increased 75,000, slowing from July's 117,000 rise, according to a survey.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.