Copper jumped after data showing US employers hired more workers than expected last month deflated the dollar and boosted prices of the red metal away from the bottom end of well-worn range. Copper rose alongside a good rally in crude oil and a late-week surge in equities after the Labor Department said nonfarm payrolls rose 63k in July, breaking three straight months of job gains below 100k and offering some hope for the ailing economy. But an increase in the jobless rate to 8.3 percent reminded investors of the still-fragile state of the world's largest economy and kept prospects of further monetary stimulus from the Federal Reserve on the table. The ECB's inaction added to gloom over dismal manufacturing sector reports from China, Europe and the United States this week, with only a small gleam of improvement seen in China's small- and medium-sized private sector companies. In yesterday's trading session copper has touched the low of 413.35 after opening at 413.8, and finally settled at 413.65. For today's session market is looking to take support at 413.4, a break below could see a test of 413.1 and where as resistance is now likely to be seen at 413.9, a move above could see prices testing 414.2.
Copper trading range for the day is 413-414.2.
Copper jumped Friday after data showing US employers hired more workers than expected last month deflated the dollar
China's central bank may take further measures to boost economy, and this will also bolster market.
The downgrade of 15 Italian banks' credit may depress market buying, which will restrict copper price gains.
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