This Morning in Metals: Nonfarm payroll employment rises by 559,000

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This morning in metals news: US nonfarm payroll employment rose by 559,000 in May; the EU plans to impose carbon emissions costs on imports of steel, cement and electricity, Reuters reported; and the LME copper price dropped below $10,000 per metric ton.

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Nonfarm payroll employment rises in May

nonfarm payrolls

Ekahardiwito/Adobe Stock

Nonfarm payroll employment in the US increased by 559,000 in May, the Bureau of Labor Statistics reported today.

Meanwhile, the unemployment rate declined by 0.3 percentage point to 5.8%.

“Notable job gains occurred in leisure and hospitality, in public and private education, and in health care and social assistance,” the Bureau of Labor Statistics reported.

EU to slap carbon emissions costs on imports

The European Union will introduce new carbon emissions costs on imports of steel, cement and electricity, Reuters reported.

The European Commission will propose the new policy July 14, according to the report.

LME copper drops

After surging to an all-time high last month of over $10,700 per metric ton, the LME copper price has since cooled off.

However, the price remains elevated.

After dropping below $10,000 per metric ton, the price picked back up to $10,227 per metric ton earlier this week. However, the LME price closed Thursday at $9,989 per metric ton.

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