Copper Advances Before Monthly U.S. Jobs Report While Tin SurgesBloomberg News
Copper rose for the first time in three days before a U.S. jobs report that may show rising employment in the world’s second-biggest user of the metal while tin advanced on supply concerns.
Copper for delivery in three months on the London Metal Exchange climbed as much as 0.9 percent to $7,172 a metric ton and traded at $7,169.50 at 3:38 p.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 predicted. Indonesian tin producer PT Timah declared force majeure this week and smaller smelters halted shipments amid new export rules that raised concern that supplies from the biggest exporting nation may be interrupted.
“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.
Tin prices may continue rising and could touch $22,800 a ton on the LME, said Wu Xiaofeng, an analyst at SMM Information and Technology Co. in Shanghai.
The metal gained as much as 3.3 percent to $22,770, the highest level since April 12.
Copper futures for delivery in December on the Shanghai Futures Exchange rose 0.4 percent to close at 51,850 yuan ($8,472) a ton. Metal for delivery in December on the Comex in New York gained 0.5 percent to $3.26 a pound
On the LME, aluminum, zinc, nickel and lead also rose.
— With assistance by Alfred Cang