London copper rose on Monday, helped by a softer dollar after weaker-than-expected US jobs data boosted bets for a Federal Reserve interest rate cut in September.
Three-month copper on the London Metal Exchange was up 0.4 percent at $9,665.50 per metric ton, as of 0414 GMT.
The most-traded copper contract on the Shanghai Futures Exchange was steady at 78,240 yuan ($10,898.45) a ton.
The dollar index fell 0.4 percent against a basket of rivals after a dismal US jobs report and firing of a top labour official by President Donald Trump stunned investors and led them to ramp up bets for imminent Fed rate cuts.
A weaker dollar makes greenback-denominated assets more affordable to holders of other currencies.
Chilean miner Codelco has reduced copper extraction operations at its flagship El Teniente mine after a fatal accident but is still operating its concentrator and smelter, union leader Amador Pantoja told Reuters on Friday.
Meanwhile, China’s refined copper output is set to hit a record high in 2025, analysts say, as its giant smelting sector powers through a global shortage of copper ore that is forcing some overseas competitors out of business.
A surprise move by US President Donald Trump to exclude refined metal from 50 percent import tariffs dragged down US copper prices 23 percent on the Comex exchange last week.
“There are now fears that the huge stockpile of copper that now sits in COMEX warehouses will be re-exported to international markets. That would put downward pressure on international benchmark copper prices,” ANZ analysts said in a note.
Among other metals in London, aluminium was up 0.1 percent at $2,566.50 a ton, nickel gained 0.3 percent to $15,030, lead rose 0.2 percent to $1,974.50, tin fell 0.5 percent to $33,245, and zinc edged 0.2 percent higher to $2,731.50.
SHFE aluminium was flat at 20,465 yuan, nickel added 0.1 percent to 120,070 yuan, lead rose 0.5 percent to 16,735 yuan, tin gained 0.4 percent to 265,390 yuan, and zinc slipped 0.6 percent to 22,210 yuan.
