Copper Prices Gained Ground as Consumption Recovered as Expected

SHANGHAI, Mar 14 - Private payrolls in the United States jumped by 242,000 in February, compared to 200,000 expected. Last week, Federal Reserve Chairman Powell once again emphasised his determination to combat inflation, reiterating that the Fed will accelerate the pace of interest rate hikes if necessary. The still strong employment data and the Fed’s hawkish speeches have changed market expectations for the Fed’s interest rate hike in March significantly. The dollar strengthened last week, breaching the 105 mark and approaching 106. The US dollar index is expected to remain strong in the coming week, limiting the rise in copper prices.