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Copper futures settle higher on strong US jobs data

06 May 2023 Evaluate
Copper futures settled higher on Friday due to strong jobs data from the United States. The US April jobs data showed that the US economy added a greater than expected 253,000 jobs last month, while unemployment rate ticked back down to 3.4%. However, lacklustre demand from the world’s top metal consumer China and rising inventories, limited further gains in copper prices.

Copper futures for July delivery gained $0.02 to settle at $3.8830 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up by 1.04 percent at $8,581.50 a ton.