Base Metals Preview: Copper Up By 1% In Early Asia

6 Oct 2022 , 09:12 AM

Copper prices rose by nearly 1% on Thursday, hovering near a three week high as equities maintained a firm trend in early Asia and dollar weakness supported the red metal. Stocks in the US also staged a significant recovery attempt after pulling back sharply in early trading on Wednesday but still ended the day modestly lower. Payroll processor ADP released a report showing private sector employment in the U.S. increased by slightly more than expected in the month of September. ADP said private sector employment surged by 208,000 jobs in September after climbing by an upwardly revised 185,000 jobs in August. Meanwhile, the Institute for Supply Management released a report showing a modest slowdown in the pace of growth in U.S. service sector activity in the month of September. The ISM said its services PMI edged down to 56.7 in September from 56.9 in August, although a reading above 50 still indicates growth in the sector. Copper was trading up 1% at $ 3.57 per pound. Powered by Commodity Insights