FX.co ★ Copper Rises on Risk-On Mood

Copper futures climbed toward $5 per pound on Thursday, recovering losses from earlier in the week. This rise was driven by renewed risk appetite in the market, following indicators of strength in the US economy. Recent data revealed that US private employers created more jobs than anticipated in October, and growth in the services sector reached an eight-month peak. Investors are also keenly awaiting crucial data from China, including reports on trade and inflation for October, to gauge demand from the world's largest metals consumer. Concurrently, concerns about supply persisted, supporting copper prices as expectations of a market deficit loom for 2026. Significant miners, such as Glencore and Anglo American, reported decreased output over the first three-quarters of the year. Further impacting supply was a tragic mudslide at a Freeport-McMoRan mine in Indonesia, which halted operations responsible for more than 3% of global supply, leading consumers to seek alternative sources.