BEIJING- Copper prices inched higher on Monday, supported by rising expectations of US interest rate cuts and an improving demand outlook.
Three-month copper on the London Metal Exchange climbed 0.2 percent to $9,966.50 per metric ton, coming off their first weekly increase in seven weeks.
The most-traded August copper contract on the Shanghai Futures Exchange added 0.5 percent to 80,530 yuan ($11,080.08) a ton.
Data showed US job growth slowed marginally in June while the unemployment rate rose, underscoring the view that the Federal Reserve could begin cutting interest rates in September.
Moreover, China’s improving macroeconomic outlook supported a view that copper demand is recovering in the second half, ANZ analysts said in a note.
Those two factors lent support to industrial metals prices.
Comex copper futures surged on Friday as some players bought back bearish, or short, positions to reduce their exposure due to expected shipments of copper failing to arrive in the US
Comex copper futures were little moved on Monday at $4.65 a lb, a one-month peak.
LME aluminum edged up 0.1 percent at $2,537 a ton, nickel rose 0.5 percent to $17,430, tin rose 1.3 percent to $34,325, while zinc shed 0.2 percent at $2,995.50, lead eased 0.2 percent to $2,232.50.
