Stronger-than forecast job-creation data released by the U.S. pulled down copper futures on Friday as the industrial metal slumped toward its biggest weekly drop in about three months amid concerns the U.S. will taper stimulus, according to Bloomberg.
The globe's largest economy and the second-largest user of the reddish metal saw payrolls climb by 204,000 in October, according to Labor Department figures. The base metal is sensitive to economic and financial developments due to its myriad use in construction, manufacturing and additional industry.
"If the jobs report means the Fed's taper is back on again, then that's going to hurt copper," president Michael Pento with Pento Portfolio Strategies in Holmdel, New Jersey, told the media outlet on Friday. "The rise in interest rates may be bad for housing, and that's not good for copper, either."
At 9:30 a.m. on Friday, copper futures dropped 0.45 percent, a 0.0145-cent slip to $3.234 per pound.
Reuters reports strong data regarding Chinese imports and exports tempered the reddish metal's losses on Friday as the Asian nation is the world's top user. China released data noting strong imports of copper for its rapidly developing economy.
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