Copper climbs as dollar eases, eyes U.S. data
September 3, 2009
Copper gained over 1 percent on Thursday, as the euro crept higher versus the US dollar but mixed signals about the health of the global economy and falling equity markets could put a cap on gains, traders said.
The price of copper has more than doubled since the start of the year, as a result of Chinese stockpiling, speculative buying and signs of macroeconomic improvement.
But several analysts see prices prone to a correction, saying they have run ahead of fundamentals and await key US jobs data due on Friday to find out more clues about the pace of an anticipated recovery.
PRICES
* Three-month copper on the London Metal Exchange was higher at $6 249 a tonne by 08:58 SA Time (0658 GMT), versus Wednesday's $6 175 a tonne.
* Three-month aluminium gained to $1 868 a tonne, from $1 846. - Reuters
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