Copper prices down again in London, New York

Copper prices were lower Friday in both New York and London on another increase in London Metal Exchange inventories and on concerns about demand after manufacturing growth slowed in the United States and in Europe.

The US Labor Department reported that while the US economy added 166,000 non-farming jobs last month, the manufacturing sector lost 21,000 jobs and the construction sector lost 5,000 jobs, while in the Eurozone manufacturing business growth dropped to its lowest rate in more than two years.

December copper dropped 4 cents to $3.33 per pound in New York, while three-month copper on the LME fell $65 to $7,435 per tonne.

The New York price was the lowest in two months, while the London price hit its lowest level since mid-September when it fell to $7,390 per tonne during Friday’s session.

The US Labor Department reported that while the US economy added 166,000 non-farming jobs last month, the manufacturing sector lost 21,000 jobs and the construction sector lost 5,000 jobs, while in the Eurozone manufacturing business growth dropped to its lowest rate in more than two years.