Stick to base metals. Look at copper today, big blocks traded on First Quantum and Inmet, Breakwater up 10% too.
Copper Prices Rise on Report That U.S. Added Jobs in September
Oct. 3 (Bloomberg) -- Copper rose to a 31-month high in New
York after a government report showed an increase in U.S. jobs,
raising expectations for a pickup in economic growth that would
spur demand for metal wire and pipes.
U.S. businesses in September added workers to payrolls for
the first time in eight months, and construction employment was
the highest in more than two years, the Labor Department said.
Construction is the biggest use for copper, accounting for 40
percent of demand. Copper prices have climbed 19 percent this year
on expectations for accelerating demand.
``Anything that's positive for the economy is positive for
copper because copper is such an integral part of the economy,''
said Tony Nappi, a copper trader at Triland USA Inc. in New York.
``This generally relates to a stronger economy.''
Copper for December delivery rose 0.25 cent to 83.6 cents a
pound at 9:39 a.m. on the Comex division of the New York
Mercantile Exchange. The contract reached 83.95 cents earlier in
the session, the highest price since March 2001.
``We need to go over 83.9 cents to 84 cents to keep the rally
going,'' said Michael Norton, a copper trader at Manhattan Metals
in New York.
Construction added 14,000 jobs, rising to 6.837 million in
September, the most since 6.845 million in July 2001, the Labor
Department report showed. An average home contains about 400
pounds of copper.
In London, copper for delivery rose $11 to $1,836 a metric
ton (83.28 cents a pound) on the London Metal Exchange. The price
earlier in the session reached $1,840, the highest since March
2001.
--Claudia Carpenter in New York (1)(212) 318-2346 or at
ccarpenter2@bloomberg.net, through the Washington newsroom.
Editor: Enoch. |
