LONDON- Copper prices rose sharply after data unexpectedly showed US employment rose at the fastest rate in 10 months in November, suggested the economy was not in danger of stalling.
The numbers caused a rally in global equities and came after China said it would waive import tariffs on some US goods, raising hopes that an economically damaging trade dispute may ease.
Benchmark copper on the London Metal Exchange (LME) ended up 1.7 percent at $5,990 a tonne, its biggest one-day gain since Sept. 17. It was up around 2 percent for the week.
However, the metal used in power and construction is still down nearly 20 percent from highs in June 2018, with investors nervous about trade barriers and weak demand for commodities.
“This week there was some good progress made on the trade front, but the risk remains high,” said WisdomTree commodity strategist Nitesh Shah. – Reuters