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Daily Metal Prices & Market News
Friday 03rd of September 2010
Friday, September 7, 2007

US jobs report affects metals markets

Story link: US jobs report affects metals markets
by Elaine Frei
US jobs report affects metals markets

Metals prices were mixed in New York on Friday, with precious metals higher but copper trading lower on the session.

December gold added $5.10 to $709.70 per troy ounce after the dollar declined on reports that there were fewer jobs in the US, the first decline in payrolls in 4 years.

December silver was 23 cents higher to $12.76 per troy ounce, while at last report October platinum had gained $6.10 to $1,295 per troy ounce.

The jobs report out of the US Department of Labor had the opposite effect on copper as many took it as evidence of a slowdown in the US economy that will cut demand for industrial metals.

Copper was 5 cents lower to $3.25 per pound in New York, while it dropped $126.50 to $7,173.50 per tonne on the London Metal Exchange.

LME inventories were steady on the day but they have risen by 32 percent in the past month.

 

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