Copper slips near $6.55 as US jobs data boosts Fed hike odds
Copper futures slipped to around $6.55 per pound on Monday, ending a two-day rally after stronger-than-expected US jobs data boosted expectations for a Federal Reserve rate hike this month and weighed on demand for industrial metals.
55 per pound on Monday, ending a two-day rally as stronger-than-expected US jobs data lifted expectations for a Federal Reserve rate hike this month and pressured the demand outlook for industrial metals. Investors also weighed rising inflation risks after oil prices extended gains as the US and Iran exchanged strikes on ships over the weekend. Copper remained near record highs amid persistent supply concerns. Analysts cited a recent export ban in Congo, weaker production from major producers Chile and Peru, and disruptions linked to El Nino.
Data showed top producer Chile posted its weakest second-quarter output in at least 19 years. 6%. Uncertainty over tariffs continues to encourage copper shipments into the US, pushing Comex inventories to record levels.