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Markets

Copper falls below $10,000 as US jobs data knocks markets

  • Benchmark copper on the London Metal Exchange (LME) was down 1.6% at $9,989.50 a tonne at in official trading.
Published June 3, 2021
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LONDON: Copper prices slipped for a third straight day on Thursday, falling below $10,000 a tonne as strong US jobs data fuelled concerns that monetary policy could tighten, knocking growth-related assets.

World stocks also stepped back from record highs and the dollar strengthened.

China's yuan meanwhile weakened for a fourth day from a three-year high against the dollar, making metals priced in the greenback costlier for buyers in the world's largest consumer of commodities.

Benchmark copper on the London Metal Exchange (LME) was down 1.6% at $9,989.50 a tonne at in official trading.

Prices of the metal used in power and construction reached a record high of $10,747.50 in early May, with many analysts expecting strong demand to power further gains in the coming years.

"The dips seem to be well supported," said independent analyst Robin Bhar. He said the short-term price direction would likely be dictated by US employment data, but added: "I think we'll see new record highs as we head into the fourth quarter."

JOBS: US private employers stepped up hiring in May, adding nearly a million jobs and beating expectations. Unemployment claims fell.

PMI: Surveys showed China's services sector expansion slowed in May, though factory activity grew at the fastest pace this year.

Euro zone business activity surged.

CHINA PREMIUMS: China's appetite for overseas metal is fading, with Yangshan copper import premiums falling to $28.50 a tonne, the lowest since at least 2012.

CITI: "Refined copper market tightness is on its way once consumer destocking runs its course," analysts at Citi said in a note. "Our base case is that this becomes evident in the next few months and will be particularly bullish for tighter copper spreads."

ALUMINIUM: Output of primary aluminium in China will increase until 2024, researchers Antaike said.

OTHER METALS: LME aluminium was down 1.7% at $2,402.50 a tonne, zinc fell 2.8% to $2,996.50, nickel slipped 1.5% to $17,972, lead fell 2.1% to $2,173 and tin was 1.3% lower at $30,445.

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