The copper price rose on Friday following a US jobs report that provided both good and bad news for investors.
US employers added hundreds of thousands more jobs than expected last month, suggesting the economy may not be in a recession. The data, however, undercut investors’ hope that high inflation may be close to peaking.
Copper for delivery in September rose 2.8% on the Comex market in New York, touching $3.58 per pound ($7,876 per tonne).
[Click here for an interactive chart of copper prices]
US factory copper orders rose in June and the service industry activity unexpectedly rebounded in July, SMM reported.
On the supply side, Europe’s largest copper producer Aurubis said on Thursday it aims to minimize gas usage in Germany and pass on surging power costs to its customers as the region’s energy crisis deepens.
The Hamburg-based company is looking to switch to alternatives like fuel oil but is bracing for a potential restriction in gas supply that could impact its sprawling industrial operations in the country.
“I’m very confident Aurubis will not be the first to be shut down,” Chief Executive Officer Roland Harings told investors on Friday.
“There are others that are more exposed than we are.” Any stoppage would be “very controlled,” he said.
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(With files from Bloomberg)
