Copper Drops as Oil Pares Gain, U.S. Jobless Claims Advance
- Copper falls for the third time in four trading sessions
- “It all fell back to Earth,” copper trader Zuccarelli says
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Copper dropped for the third time in four days as crude oil prices eased from a six-month high and U.S. unemployment claims unexpectedly rose. Lead fell the most in four years.
Crude futures fell as much as 1.3 percent Thursday after reaching the highest since November. Lower oil prices help reduce production costs, deterring miners from trimming output amid metal gluts. Filings for jobless benefits climbed to a one-year high, adding to concerns about the economy and damping the demand outlook for copper in the U.S.