COMEX Copper bounced on Friday. Excellent bargain buying boosted the commodity after it tested seven week low. The counter rose even as US equities slipped and added around 4% to close at $2.98 per pound. MCX Copper had plunged under Rs 500 per kg in last session on Thursday. The metal ended down 5.40%. However, the bounce in global quotes on Friday would support the local futures now.
On the economic front, the US job growth eased in September, according to a closely watched report released by the Labor Department on Friday. The non-farm payroll employment rose by 661,000 jobs in September after spiking by an upwardly revised 1.489 million jobs in August. However, the unemployment rate fell to 7.9% in September from 8.4% in August.
The drop in the unemployment rate came as the labor force shrank by 695,000 persons. Revised data released by the University of Michigan on Friday showed that consumer sentiment in the US improved by more than previously estimated in the month of September.
The report said the consumer sentiment index for September was upwardly revised to 80.4 from the preliminary reading of 78.9.