COMEX copper prices started sharply lower on Friday and fell further on fears of higher interest rates ignited by robust US jobs data, but traders said copper's losses were trimmed once analysts predicted that any rate rise would be minimal.
Some copper traders worried at first that an increase in interest rates would slow the US economy too much and put a crimp in demand for the red metal. But analysts said they thought the employment report depicted a healthy but not explosive labour market.
Active July copper was down 1.95 cents at $1.2265 a lb., in a range that led down to $1.2080 from $1.2440 per lb.
Spot June lost 2.30 cents at $1.2240 a lb. The rest fell from 0.95 cent to 2.45 cents. Volume at 1000 am EDT was estimated by COMEX at a light 3,000 lots.