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Copper recovered slightly after Friday’s end of week drop.
After an end-of-week drop, copper prices steadied on the London Metal Exchange on July 8. Copper for delivery in September saw a slight increase, climbing from $6,779 a metric ton to $6,830 after new employment data out of the U.S. showed a steady unemployment rate.
Meanwhile, on the Comex in New York, copper for September delivery increased to $3.07 a pound, a $0.01, or 0.4 percent, increase.
Copper starting off slightly on the defensive because the dollar is still fairly strong, “I suspect (copper) will continue to stay under pressure because of concerns over growth,” Societe Generale analyst Robin Bhar told Reuters.
