Copper prices fell as solid US jobs data pushed the dollar sharply higher, making metals more expensive for buyers with other currencies.
Copper had been trading higher after news that a union at the world’s biggest copper mine, Chile’s Escondida, told workers to prepare for a strike that would reduce supply.
Benchmark copper on the London Metal Exchange was down 0.2 percent at $9,472.50 a ton. It was down more than 2.5 percent this week amid concerns that demand in top consumer China will weaken.
“Dr Copper is supposed to give a good reading of how the economy is doing, and I think we are in limbo phase right now,” said WisdomTree analyst Nitesh Shah.
“Economic growth is back but there’s some doubt with the Delta variant (of the coronavirus).”
Used in power and construction, copper has gained more than 20 percent this year and touched a record high of $10,747.50 in May.
Shah said prices would be supported over the longer term by demand for infrastructure and underinvestment in new mines.
