Copper Poised for Weekly Gain Before Monthly U.S. Jobs Report
Copper rose for the first time in three days as investors await a U.S. jobs report that may show rising employment in the world’s second-biggest user of metals.
Copper for delivery in three months on the London Metal Exchange climbed as much as 0.7 percent to $7,155.75 a metric ton and traded at $7,142 at 9:48 a.m. in Shanghai, putting it on track for the first weekly advance since Aug. 16.
U.S. payrolls data today may add to signs of an improving jobs market after reports yesterday showed service industries grew at the fastest pace in eight years and jobless benefit claims fell more than economists predicted. The Federal Reserve will weigh the data when it meets Sept. 17-18 to gauge whether the world’s biggest economy is strong enough to withstand a reduction in unprecedented stimulus.
“The job data is likely to be positive, supporting the metals market demand outlook,” said Xu Liping, an analyst at HNA Topwin Futures Co. in Shanghai.
Futures for delivery in December on the Shanghai Futures Exchange rose 0.2 percent to 51,790 yuan ($8,462) a ton. Metal for delivery in December on the Comex in New York gained 0.2 percent to $3.25 a pound
On the LME, aluminum, zinc, nickel and lead advanced.
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