Copper prices down on US jobs data

September copper dropped 11 cents to $3.95 per pound in New York on Thursday after the US Labor Department reported that 62,000 non-farm jobs were lost in June and that new jobless claims were up last week.

Prices were also pushed lower by comments from European Central Bank president Jean-Claude Trichet that indicate there will be no more Eurozone interest rate increases for the time being after today’s quarter-point hike to 4.25 percent.

In London, meanwhile, three-month copper dropped $60 to $8,660 per tonne, or $3.92 per pound.

The declines came despite indications that strikes by workers in Peru look set to expand as miners prepare to march on the Peruvian Congress.

Meanwhile, precious metals prices declined as the dollar strengthened on the comments from the ECB president.

August gold was down $13 to $933.50 per troy ounce while September silver fell 7 cents to $18.36 per troy ounce and October platinum dropped $46.60 to $2,030.40 per troy ounce.

Platinum prices also dropped on fears that higher prices for jewelry and watches made from the metal will cut demand.