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

06/06/2021 | 09:49pm EDT

HANOI, June 7 (Reuters) - Copper prices rose on Monday, as traders lapped up the latest U.S. monthly jobs report that signalled 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 aluminium 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.

* For the top stories in metals and other news, click or

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)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.47% 1.38978 Delayed Quote.2.12%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.00% 0.8013 Delayed Quote.2.23%
EURO / US DOLLAR (EUR/USD) -0.18% 1.18684 Delayed Quote.-2.65%
GOLD -0.88% 1814.15 Delayed Quote.-3.57%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013452 Delayed Quote.-1.63%
MINING AND METALLURGICAL COMPANY NORILSK NICKEL 0.09% 34.56 Delayed Quote.10.77%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.49% 0.6974 Delayed Quote.-2.36%
S&P GSCI ALUMINUM INDEX -1.18% 164.9923 Delayed Quote.31.80%
S&P GSCI GOLD INDEX -0.88% 1057.988 Delayed Quote.-3.13%
SILVER -0.26% 25.454 Delayed Quote.-3.10%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.452 Delayed Quote.-0.66%
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