METALS-Copper rebounds on bargain hunting, jobs data, after steep fall

  • 06/04/2021
  • Source: Reuters
  • by: Eric Onstad
METALS-Copper rebounds on bargain hunting, jobs data, after steep fall
LONDON, June 4 (Reuters) - Copper prices rebounded on Friday as investors scooped up material at lower prices after heavy losses the previous day on fears that strong U.S. economic data could spur tighter monetary policy.

Three-month copper on the London Metal Exchange (LME) had gained 1.8% to $9,960 a tonne by 1400 GMT, having lost as much as 3.8% in the previous session.

It extended gains along with stock markets after U.S. jobs data came in weaker than expected, easing fears that the Federal Reserve would withdraw stimulus.

Copper hit a record peak of $10,747.50 last month, fuelled by optimism over global economic recovery and new demand from an expected green revolution including the shift to electric vehicles.
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