Copper fell in New York as economists projected lower factory orders in the U.S., the second-biggest consumer of the metal, and the dollar remained near the highest level in more than four years.
Factory orders slid 9.5 percent in August, according to a Bloomberg survey of economists before data today. The dollar closed Sept. 30 at the highest level since June 2010 against a 10-currency basket. A stronger greenback makes dollar-priced raw materials more expensive in terms of other monies.
“While broader financial markets are still under pressure, I’d hesitate to call a bottom to any of the commodity markets,” Nic Brown, head of commodities research at Natixis SA in London, said by e-mail.
Futures for December delivery lost 0.8 percent to $3.012 a pound by 8:34 a.m. on the Comex in New York. Copper for delivery in three months fell 0.3 percent to $6,662 a metric ton on the London Metal Exchange.
Employers in the U.S. added 215,000 jobs in September, a Bloomberg survey showed before data tomorrow, up from 142,000 in the prior month.
“Payrolls data could help improve the tone, but we might have to wait until China is back from its week-long holiday before we see whether base-metal markets have found a base,” Brown said. The Asian nation is the largest copper user.