Copper Price: Copper Rises As US Economic Data Boosts Recovery Optimism
The private sector wage bill in the United States rose more than expected in June, as companies rushed to boost production and services amid the rapid reopening of the economy.
Three-month copper on the London Metal Exchange rose 0.4% to $ 9,410 a tonne at 01:19 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange rose 0. 7% to 68,710 yuan ($ 10,641.82 per ton).
Although gains were capped due to fears of an earlier-than-expected tightening of US policy to control inflation, which would boost the dollar and make dollar-denominated metals more expensive for holders of other currencies .
Dallas Federal Reserve Chairman Robert Kaplan has said he would like the US central bank to start cutting back on support for the economy before the end of the year in order to make a sharp policy tightening less likely later.
LME nickel rose 0.2% to $ 18,250 per tonne, zinc fell 0.2% to $ 2,968 per tonne, nickel ShFE fell 0.6% to 135,660 yuan per tonne and Zinc ShFE rose 0.9% to 22,155 yuan per ton.
The spread of cash over three months ahead of the LME