Copper rose for the first time in 3 days on expectations of more growth in the US labor market, the second-largest metals consumer.
The metal climbed as much as 1.2% on the London Metal Exchange. Companies in the US added 208,000 workers in November after a 233,000 gain in October, ADP Research Institute said yesterday. Employers added 230,000 workers last month, according to a Bloomberg News survey of economists before tomorrow’s Labor Department non-farm payrolls report. That would be the 10th consecutive month the total topped 200,000.
On Wednesday, December 3, the day’s biggest mover was Chinese bright copper scrap, which saw a 4.5% increase to CNY 40,500 ($6,588) per metric ton. After a 0.1% increase, Chinese copper wire finished the day at CNY 46,520 ($7,567) per metric ton. The price of Chinese copper bar held steady at CNY 47,350 ($7,702) per metric ton. The cash price of Chinese copper remained essentially flat at CNY 47,550 ($7,735) per metric ton.
At JPY 799,000 ($6,703), the cash price of primary Japanese copper finished the market day up 1.1% per metric ton. US copper producer grade 122 saw its price drop 0.5% to a 30-day low of $3.62 per pound yesterday. After falling 0.5% to $3.62 per pound, the price of US copper producer grade 110 reached a 30-day low. The price of US copper producer grade 102 reached a 30-day low after decreasing 0.5% to $3.81 per pound.
After hitting a 30-day low of $6,385 per metric ton on Monday, December 1, the copper 3-month price rose 1.1% yesterday on the LME. Just off of a 30-day low of $6,455 per metric ton, the primary copper cash price rose 1.1% yesterday on the LME.