Copper and aluminium advance ahead of US jobs data, Fed meeting

Copper and other base metals rose as investors awaited key US payrolls data due Friday that may influence the Federal Reserve’s next moves on interest rates.

The jobs figures are expected to underscore signs of a softening labour market, just days after unemployment claims rose to their highest since June. Metals have been supported in recent months by growing expectations that the Fed will cut rates at next week’s policy meeting.

Lower rates can weigh on the dollar, buoying the prices of base metals denominated in the greenback.

“In the lead-up to the September meeting, focus will be on the release of incoming labour-market data, with softer readings maintaining cut expectations — and support for metals — while firmer readings could temper bets,” BMI, a Fitch Solutions company, said in an emailed note.

Copper was up 0.4% at $9 939.50 a ton on the London Metal Exchange as of 11:29 a.m. local time. It reached a five-month high of $10,038 earlier this week. Aluminium rose 0.5%, while zinc added 0.6%.

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