Copper prices gain on jobs numbers

Copper prices were up slightly Friday, helped by US Labor Department data which showed that private employers in the United States added 67,000 jobs in August, more than expected, while overall employment dropped by 54,000 and the unemployment rate was at 9.6 percent.

Prices might have risen more, but a separate report showed that the US services sector grew at its slowest pace in 7 months last month as the Institute for Supply Management said its non-manufacturing index was at 51.5 in August, down from 54.3 in July.

December copper added less than a cent to $3.50 per pound in New York trade, while three-month copper was up $5 to $7,640 per tonne on the London Metal Exchange as LME-monitored stockpiles dropped by 1,800 tonnes to 397,675 tonnes.

Additionally, inventories monitored by the Shanghai Futures Exchange dropped 4 percent this week, from last week.

Other base metals prices were mixed as aluminium added $3 to $2,148 per tonne as inventories dropped 5,375 tonnes and lead gained $13 to $2,168 per tonne, but zinc fell $22 to $2,152 per tonne, nickel was down $50 to $21,600 per tonne and tin dropped $225 to $21,200 per tonne.

Most precious metals prices were up in New York trade, but December gold dropped $2.30 to $1,261.10 per troy ounce on reduced demand as a safe place to put cash.

Gold regained some of its losses late in the session, however, and ended up 1 percent for the week.

December silver was up 28 cents to $19.95 per troy ounce, while October palladium added $9.60 to $1,561.10 per troy ounce and December palladium gained $531.45 per troy ounce.