Copper Erases Gains as Traders Mull Fed Path After US Jobs Data
- Decline in private company hiring shows gradual labor cooling
- Traders eye Friday’s non-farm payrolls data for more rate cues
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Copper gave up early gains as traders mulled the Federal Reserve’s next steps after private payrolls data added to evidence of a cooling labor market.
US companies scaled back hiring in November, with manufacturers reducing headcount to the lowest level since early 2022, according to the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The weakness in the data bolstered bets the Fed is done raising rates and may start cutting next year.