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01-Sep2016

Copper futures end higher on short covering

Copper futures ended marginally higher on Wednesday as investors covered short positions, but some gains were capped after forecast beating US jobs data which stoked speculation that the Federal Reserve would move ahead with plans to raise interest rates. Friday's US nonfarm payrolls report remains this week's key market focus, after Federal Reserve Vice Chair Stanley Fischer said last week the jobs data will be a factor in the timing of central bank interest rate hikes. Meanwhile, copper ended August with a 6 percent loss for the month after rising inventories in Asia signaled muted demand from the world's top consumer China. Reports showed that rising inventories of copper in LME-approved warehouses were up more than 80,000 tonnes since the middle of August to 293,525 tonnes.

Copper futures for December delivery ended tad higher to settle at $2.078 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange ended up 0.2 percent to $4,617 a metric ton.


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