Copper Falls After Weak NFP

Copper erased gains in New York after U.S. jobs grew at the slowest pace this year.

U.S. companies boosted payrolls by 142,000 in August, the Labor Department said today in Washington. The median Bloomberg survey estimate was for a 230,000 increase.

Copper for December delivery dropped 0.1 percent to $3.1475 a pound by 8:35 a.m. on the Comex in New York. Prices earlier today rose as much as 0.4 percent.

Copper analysts and traders are the most bearish in a month on prices for next week on speculation demand is stalling, according to the Bloomberg weekly sentiment survey.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza