Copper conducts well on optimism

Written by Reuters | London | Updated: Jan 11 2014, 08:31am hrs
Copper rose on Friday ahead of US jobs data that could signal the world's largest economy is picking up steam, which would boost the demand for industrial metals.

According to a Reuters poll, non-farm payrolls rose by 1,96,000 jobs last month, but the survey was conducted before data on Wednesday showed the private sector hired staff at the fastest pace in 13 months in December.

"There is optimism in the market ahead of the US nonfarm payrolls data following on from the strong weekly jobless claims and the ADP private employment figures, Sucden senior research analyst Myrto Sokou said.

"So it seems that risk appetite is up and that's why we see this upward momentum in base metals."

Three-month copper on the LME was $7,255 a tonne, up from the last bid of $7,213.