Copper strikes four-week low

Reuters

Melbourne

London copper struck its lowest in almost a month on Monday after the dollar withstood a weaker U.S. jobs report that largely kept rate hike expectations intact.

The U.S. economy added the fewest number of jobs in seven months in April and Americans dropped out of the labour force, but encouraging annual wage growth backed views that the United States could still raise rates twice this year.

Also, China´s copper imports dropped from record levels in April, further souring sentiment towards metals.

"The headline month-on-month decline in China´s copper imports combined with a stronger USD at the close of Friday suggest the markets will be under a bit of pressure this week," said analyst Dan Hynes of ANZ in Sydney.

Adding upward drive to the dollar, New York Federal Reserve President William Dudley said two U.S. rate hikes this year were still a "reasonable expectation".