FX.co ★ Copper Rises as Rate-Hike Expectations Ease

Copper futures advanced toward $6.20 per pound on Friday and were poised for a weekly gain as traders pared back expectations for further Federal Reserve interest rate hikes following weaker-than-anticipated US employment data. The US economy added significantly fewer jobs in June than forecast, prompting markets to assign only about a 50% probability to a Fed rate increase in September, down from roughly 67% before the release. Industrial metals had come under pressure in recent weeks as Fed officials signaled a growing readiness to tighten monetary policy, clouding the outlook for metals demand. At the same time, easing supply concerns—amid improved commercial traffic through the key Strait of Hormuz—also exerted downward pressure on prices.