Copper prices rise following weak US jobs data

Copper prices rose significantly following weaker-than-expected US employment data for September 2026. The US Bureau of Labor Statistics reported that only 29,000 nonfarm payrolls were added, falling well below the anticipated 84,000 to 90,000. Additionally, the unemployment rate increased slightly to 4.2% from 4.1% in August, and previous job figures for July and August were revised downward by a combined 60,000 positions.

This economic deceleration has led traders to reduce expectations for aggressive interest rate hikes by the Federal Reserve. The shift in monetary policy outlook, combined with a weakening US dollar, has made dollar-denominated commodities like copper more attractive to international buyers. On the London Metal Exchange, the benchmark three-month copper contract rose by 0.9% to reach $14,374.50 per metric ton.

In related mining news, Freeport-McMoRan reported that the phased ramp-up at the Grasberg mine, the world’s second-largest copper mine, remains on track. The company expects to reach 80% capacity by mid-2027 and near full capacity by the end of 2027.