Copper gains on factory activity data

Copper prices were higher Wednesday after early declines, with both declines and gains driven by new data.

September copper had added 2 cents to $2.95 per pound in midday trade in New York, while three-month copper added $16 to $6,510 per tonne on the London Metal Exchange after falling as low as $6,340 per tonne earlier in the session.

Prices dropped after a private report showed that the US private sector created fewer jobs than expected in June, adding only 13,000 jobs rather than the 60,000 expected, but prices recovered after the Institute for Supply Management reported that US factory activity expanded in June.

Despite the day’s gains, LME copper will have dropped more than 15 percent in the second quarter.

The price of lead was up $15 to $1,735 per tonne in London, while aluminium added $27.50 to $1,977.50 per tonne, zinc was $47 higher to $1,790 per tonne and nickel gained $670 to $19,745 per tonne.

Tin bucked trends, dropping $150 to $17,450 per tonne.

August gold was up $2.70 to $1,245 per troy ounce in midday trade in New York after bouncing between gains and losses in earlier trade, finally gaining on demand for safer investments on the June jobs data, while September silver gained a cent to $18.65 per troy ounce.