Copper slipped on Thursday as the dollar rose against the euro, but strong economic data from the United States indicating a bullish outlook for the world's largest economy helped support sentiment. Benchmark copper on the London Metal Exchange was untraded at the close, but bid at $9,470 a tonne compared with $9,540 at the close on Wednesday.
The metal used in power and construction hit a record high of $9,754 a tonne on Tuesday. Traders said copper was sold as the dollar moved higher against the euro in afternoon trade. A higher dollar makes commodities priced in the US currency more expensive for holders of other currencies.
Recent data from the United States, the world's second-largest copper consumer after China, showed a surge in the number of private sector jobs, at a rate three times the level forecast.
Copper prices jumped more than 30 percent last year and more than 140 percent in 2009. Since the middle of November the gain has exceeded 20 percent.
Prices have been boosted by stocks of copper in London Metal Exchange warehouse, which at 379,400 tonnes are down more than 30 percent since the middle of February. But since December 9 they have risen by more than 8 percent.
A premium or backwardation of $13 a tonne for the LME's cash lead contract over the three-month future, from a discount in the middle of December has had the effect of attracting material to LME warehouses, traders said..
LME lead stocks at 209,850 tonnes are at their highest since September 1995.. Earlier lead jumped to $2,712.75 a tonne, its highest since May 2008. It ended at $2,656 a tonne from $2,660 a tonne on Wednesday, zinc closed at $2,455 a tonne from $2,463 and tin at $26,180 from $26,225.
Aluminium used in transport and packaging earlier touched $2,519 a tonne, its highest since September 2008. It closed at $2,518 a tonne from $2,463 and nickel ended at $24,550 a tonne from $24,700 on Wednesday.
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