Copper prices continued to grind lower on the week’s last trading session as investors resorted to risk aversion since worries exacerbated over slowing activity in world’s largest economy after the jobs data showed US nonfarm payrolls rose by only 115,000 in April amid expectations of 168,000. The red metal prices plummeted around three percent for the week, saw their losses capped for the day since supply side concerns surfaced amid reports that top consumer Chile once again struggled with lower than expected copper production.
Copper futures for July delivery dropped 1.50 cents or 0.4% to close at $3.7210 per lb, after trading as high as $3.7550 and as low as $3.7025 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange sank $54 to settle at $8,175 a tonne.
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