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Copper is an essential ingredient in the manufacturing industry, so when the eurozone purchasing managers index (PMI) was reported as being at a 16-month high, traders bought the metal feeling that the region is recovering from its slump.
Towards the end of last week copper flirted with a three-year low following fears that Chinese demand is falling, and a general feeling that the sell-off was overdone has also contributed to the buy-back. The latest economic indicators from Beijing haven’t been great, however, so traders should be aware that in the future Chinese woes could reoccur.
On Friday, the US will release the country’s latest unemployment data, which will give us an indication of what the Federal Reserve is going to do in terms of their stimulus programme. The current bond-buying scheme has devalued the US dollar, but if the jobless rates fall we could see the currency strengthen, which in turn may drag on the price of copper.