Copper gains on US jobs data, China comments

Copper prices were up Friday, helped by better jobs data for the United States and more optimism that demand for the metal from China will not be hurt by the Asian nation’s monetary policy.

The US Labor Department reported that only 36,000 non-farm jobs were lost to the economy in February, rather than the 50,000 jobs that had been expected, while comments from China’s premier raised hopes that monetary policy there will remain loose enough to support demand there.

Three-month contracts for copper added $175 to $7,545 per tonne on the London Metal Exchange as stockpiles monitored by the LME dropped by 1,075 tonnes to 543,150 tonnes, while May copper added 4 cents to $3.41 per pound in midday trade in New York.

Aluminium added $15 to $2,230 per tonne as inventories fell 6,850 tonnes to 4.5 million tonnes, while lead was up $60, also trading at $2,230 per tonne, zinc was $90 higher to $2,349 per tonne, nickel added $95 to $22,395 per tonne and tin was up about $150 to $17,400/405 per tonne.

Precious metals were mixed in midday trade in New York as April gold was up $4.40 to $1,137.50 per troy ounce and May silver had added 23 cents to $17.41 per troy ounce, but April platinum was $4.60 lower to $1,579 per troy ounce.