Copper prices rise as market assesses US jobs data

SHANGHAI: Copper rose on Wednesday, while labour market data from the United States data showed a rebound in job growth but elevated unemployment in November.

The most-traded copper contract on the Shanghai Futures Exchange rose 0.30% to 92,550 yuan ($13,139.40) per metric ton as of 0330 GMT.

The benchmark three-month copper on the London Metal Exchange also gained, up 0.97% to $11,704 a ton.

US jobs growth rebounded in November, though unemployment was at more than a four-year high, data showed.

Copper, meanwhile, continued to hold above $11,600 a ton, supported by supply concerns prospects for a demand boom from data centres and the energy transition.

Among other metals, the Shanghai aluminium gained 0.83% to 21,975 yuan per ton, while the London benchmark aluminium rose 0.42% to $2,888.50 a ton.

Aluminium gained after the Australian miner South32 said on Tuesday that it would place its Mozal smelter in Mozambique under care and maintenance by March after failing to secure a power deal with the government.

The move to shut the smelter by South 32 “should keep global long-term inventories low, while prices are expected to see further upside next year”, analysts at ING Economics said in a note.

Nickel recovered after selling off since Monday.

The most-traded nickel on SHFE gained 0.67%, and the benchmark three-month nickel rose 1.07%.

The Shanghai nickel set a 40-month low on Tuesday while the London benchmark touched an eight-month low on Monday.

Elsewhere on SHFE, zinc declined 0.86%, lead dropped 0.77%, and tin rose 1.42%.

Among other LME metals, zinc gained 0.41%, tin rose 1.19%, and lead dipped 0.10%.