Jobs, manufacturing data hurt copper prices

Copper prices traded even at $1.85 per pound in early afternoon trade in New York Wednesday, but earlier in the session the price for the metal used in construction and manufacturing dropped as low as $1.80 per pound.

The declines came on a report from ADP Employer Services that the US economy lost around 742,000 jobs in March, raising concerns that the recession will continue and demand for the metal will continue to decline.

A separate report showing that manufacturing activity in China, the world’s biggest copper consumer, declined for the eighth consecutive month.

In afternoon trade in London, three-month copper was $63.50 lower to $3,976 per tonne on the London Metal Exchange.

Meanwhile, precious metals prices were mixed as June gold added $2.30 to $927.30 per troy ounce and July platinum gained $15 to $1,143.80 per troy ounce but May silver dropped 4 cents to trade at $12.95 per troy ounce.