Copper Sees Gains Erased After Poor US Jobs Report

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US Copper erased its earlier gains after jobs grew at the slowest pace this year.

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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.

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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.

 

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