COPPER: futures rose above $3.50 per pound on Friday on technical buying, but were still set to snap a two-week rally after facing pressure throughout the week from mounting fears of a global economic slowdown and heightened US-China tensions over Taiwan.
Investors are bracing for a key US jobs report due on Friday following a slew of hawkish remarks from Federal Reserve officials indicating that the central bank would do what it takes to bring down inflation even at the risk of a recession.
Heightened geopolitical tensions in the Asian region also kept markets on edge, with China reportedly firing a barrage of ballistic missiles into the waters around Taiwan as part of its large-scale military exercises following US House Speaker Nancy Pelosi’s visit to the island.
Meanwhile, major copper producers have recently reported declining output and supply risks due to various disruptions, providing support to copper prices
