Trafigura has aggressively bought spot copper in Asia over the past two weeks, targeting large volumes for November and December delivery. Regional supply tightness and the firm's willingness to pay above competitors have driven Asian spot copper premiums to record highs as it bid for metal from multiple Asian producers and traders.

US October seasonally adjusted nonfarm payrolls +165,000 vs +65,000 expected; September revised up from +29,000 to +60,000.

Bureau of Labor Statistics data showed nonfarm payrolls rose 165,000 in October versus ~65,000 consensus; September was revised up to +60,000 from an initial +29,000. Unemployment fell to 4.1%, underscoring labor-market resilience and giving the Fed greater scope to shift policy emphasis toward inflation risks from the Middle East conflict. Economists estimate the US needs roughly 40,000 jobs per month to keep pace with working‑age population growth; the so‑called employment breakeven has fallen from about 150,000 in early 2024 as the labor force has shrunk. Layoff rates remain near historic lows and job openings have jumped, reinforcing expectations of tighter labor conditions, though Fed officials and many economists still do not view the labor market as a broad inflationary threat; some economists attribute the low unemployment mainly to supply-side effects from tighter immigration and retirements.