Copper prices pared losses Friday, lifted by a softer dollar.
Copper for March delivery was recently down 0.6% at $2.6265 a pound on the Comex division of the New York Mercantile Exchange . Prices were as low as $2.5965 a pound earlier in the session.
The WSJ Dollar Index, which tracks the U.S. currency against a selection of others, fell 0.3% to 91.33, as traders reacted to mixed U.S. employment data released Friday morning in New York . A weaker dollar makes copper more affordable to foreign investors, as the metal is denominated in the U.S. currency.
Longer term, some investors may be looking for an opportunity to bet against the industrial metal, after prices surged nearly 20% last month on a more optimistic outlook for China and the U.S., the world's two biggest copper consumers.
"There is a sense that the rally is over, and now is the time to look for opportunities to go short," said Bob Haberkorn , a broker at RJO Futures.
Copper for delivery in three months was down 0.7% at $5,753 a metric ton on the London Metal Exchange.
