Copper recovers 1.7%
Copper prices closed higher as weaker-than-expected US jobs data pressured the US dollar, offsetting lingering concerns about US economic growth and demand from top consumer China.
Prices in London and New York fell more than one per cent to intraday lows immediately after data showed the United States created fewer jobs in September than expected, fuelling concerns about global growth.
The most-active COMEX copper futures for delivery in December settled up almost 1.00 per cent at $US2.3255 per lb, clawing back over two per cent from the intraday low of $US2.273.
In London, three-month copper on the London Metal Exchange clawed back $US90, or 1.7 per cent, to close $US5,100 per tonne on the weaker US dollar. That was little changed from $US5,097 at Thursday's close.
"Markets are coming around to the notion that the US could also be slowing down. And that's very disturbing because then you have the two biggest economies in the world both decelerating," Edward Meir of INTL FC Stone said.
Three-month aluminium ended down 0.5 per cent at $US1,558 a tonne; zinc lost 0.2 per cent to $US1,685; lead fell 0.4 per cent to $US1,643; nickel was untraded at the close but was last bid down 0.5 per cent at $US10,025 per tonne; and tin gained 0.9 per cent to $US15,575.