US Copper erased its earlier gains after jobs grew at the slowest pace this year.
US companies boosted payrolls by 142,000 in August, the Labor Department said today in Washington. The median Bloomberg survey estimate was for a 230,000 increase.
The copper 3-month price weakened by 0.6 percent on the LME, settling at $6,905 per metric ton. Also on the LME, the primary copper cash price fell 0.6 percent to $6,925 per metric ton.
On Thursday, September 4, the day’s biggest mover was the Japanese copper cash price, which saw a 0.9 percent increase to JPY 766,000 ($7,304) per metric ton. Following a quiet couple of days, the price of US copper producer grade 110 fell 0.5 percent on Thursday to $3.82 per pound. The price of US copper producer grade 122 closed Thursday at $3.82 per pound, halting its two-day flat run with a 0.5 percent decline. The price of US copper producer grade 102 dropped by 0.5 percent to $4.01 per pound after holding steady.
Chinese copper prices were mixed for the day. Chinese copper bar ended the day at CNY 51,200 ($8,336) per metric ton, after the 0.3 percent drop on Thursday. The cash price of Chinese copper fell 0.3 percent to CNY 51,400 ($8,368) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,205) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,212) per metric ton.