Jobs data, China concerns hurt copper prices

Copper prices were lower Friday after the US Labor Department reported that the US economy lost 85,000 jobs in December, calling into question the pace and extent of the recovery from recession.

Concerns that China could tighten its monetary policy, cutting demand for copper there, also hurt prices.

March copper was 3 cents lower to $3.40 per pound in New York, while three-month contracts fell $70 to $7,465 per tonne on the London Metal Exchange on a day when LME-monitored inventories of the metal used in construction and manufacturing added another 650 tonnes to 510,625 tonnes, the highest level in 10 months.

Inventories also affected prices of some other base metals.

Zinc was $86 lower to $2,521 per tonne as LME inventories added 650 tonnes to their highest level since October 2005, while lead fell $68 to $2,532 per tonne on a gain of 168 tonnes in stockpiles.

Aluminium inventories were 2,000 tonnes lower on the session but remained near record highs, leading to a $30 decline in aluminium prices to $2,280 per tonne.

Additionally, tin was down $135 to $17,340 per tonne and nickel dropped $530 to $17, 925 per tonne.

Precious metals prices, on the other hand, were higher as February gold added $5.20 to $1,138.90 per troy ounce in New York, while March silver was up 13 cents to $18.47 per troy ounce and April platinum gained $20.60 to $1,580 per troy ounce.