Copper climbs as U.S. jobs data calms fears of policy tightening


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HANOI — Copper prices rose on Monday, as traders lapped up the latest U.S. monthly jobs report that signaled signs of recovery and calmed concerns of an early policy tightening.

Three-month copper on the London Metal Exchange was up 0.3% at $9,979.50 a tonne, as of 0112 GMT, edging towards a key psychological $10,000-a-tonne level.

The most-traded July copper contract on the Shanghai Futures Exchange advanced 1.1% to 71,910 yuan ($11,245.60) a tonne.

The May U.S. payrolls report showed economic recovery was on track, but not so hot that it might bring forward a policy tapering from the Federal Reserve.

FUNDAMENTALS

* ShFE aluminum advanced 1.2% to 18,520 yuan a tonne, nickel increased 0.4% to 131,480 yuan a tonne, tin climbed 1.2% to 204,720 yuan a tonne while lead fell 0.8% to 14,980 yuan a tonne.

* LME nickel fell 0.4% to $17,940 a tonne while zinc declined 0.5% to $2,997 a tonne.

* Russian nickel producer Nornickel has resumed ore mining at the second of its two mines hit by flooding this year.

* Global copper smelting extended its rebound in May, touching fresh highs for the year as operations continued to take advantage of strong prices, data from satellite surveillance of copper plants showed.

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MARKETS NEWS

* Asian shares firmed while the dollar wavered after the anxiously awaited May U.S. payrolls report showed the recovery on track but not so hot that it might bring forward a policy tapering from the Federal Reserve.

DATA/EVENTS (GMT)

0600 Germany Industrial Orders MM April

0645 France Reserve Assets Total May

0730 UK Halifax House Prices MM May

— China Exports, Imports YY May

— China Trade Balance May

($1 = 6.3945 yuan) (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)



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