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US copper, gold gain after improved US jobs data
March 1, 2012 / 2:46 PM / 6 years ago

US copper, gold gain after improved US jobs data

 NEW YORK, March 1 (Reuters) - U.S. copper futures
raced up on Thursday after two reports showed improvement in the
U.S. jobs sector and in persona income, adding to the view that
a pick-up in growth will help metals demand.	
 Gold reversed some of its steep losses in the previous
session, as some investors found value at the lower levels.	
              	
 FUNDAMENTALS 	
 * Copper fell off a day high, as the dollar rose further
versus the euro after U.S. data showed new claims for
unemployment benefits held near four year lows last week,
suggesting the labour market was gaining momentum.   	
 * London Metal Exchange (LME) three-month copper was
up at $8,580 a tonne at 1445 GMT, from a close of $8,499 on
Wednesday. The metal was up at a day high of $8,600 a tonne
before the data.	
 * U.S. copper futures for May delivery surged 5.55
cents, or 1.43 percent, to $3.9260 per lb. 	
 * Gold rebounded as physical bullion investors were tempted
back to the market by the previous session's 5 percent price
plunge, its biggest one-day drop since before the collapse of
Lehman Brothers in October 2008. 	
 * Spot gold was up 1.1 percent at $1,709.00 an ounce
at 9:28 a.m. EST 1328 GMT.	
 * U.S. gold futures for April delivery were up $2.40
an ounce at $1,713.70.  	
 *  Spot prices fell more than 5 percent on Wednesday after
Federal Reserve Chairman Ben Bernanke gave no hints that a third
round of quantitative easing, which had been a key support of
gold prices, was imminent in the world's largest economy.	
     	
 ECONOMY	
 * U.S. first-time claims for jobless benefits for week ended
Feb. 25 edged down last week, holding near four-year lows,
suggesting the labor market was gaining momentum. 	
 STORY:  TABLE:   	
 * U.S. January personal income and consumption incomes rose
0.3 percent, but taxes and inflation gobbled up the gains and
consumer spending was flat after adjusting for price increases.	
 STORY:  TABLE:  	
 * U.S. January construction spending forecast to show a 1.0
percent increase after a 1.5 percent rise previously. Due 10:00
a.m. EST (1500 GMT)	
 * February U.S. ISM seen gaining to 54.5 after coming in at 
54.1 in January. Due at 1000 a.m. EST (1500 GMT).	
 	
 MARKETS	
 * The euro fell to a one-week low against the dollar on
rising risk aversion after a U.S. government report on personal
spending that raised doubts about the strength of the U.S.
recovery was offset by improvement in the jobs sector. 	
 * European stocks and the euro recouped early losses and
took a stab to higher ground in the wake of the European Central
Bank's massive cash injection.  	
 * Crude oil rose on upbeat economic data from China and the
U.S., while concerns persisted over supply disruption due to
tensions between Iran and the West. 	
     	
 Prices at 9:05 a.m. EST (1405 GMT)                            
 
                            LAST      NET    PCT     YTD
                                      CHG    CHG     CHG
 US gold                    1711.10    -0.20   0.0%    9.2%
 US silver                   34.885    0.233   0.7%   25.0%
 US platinum                1689.00    -3.60  -0.2%   20.7%
 US palladium                704.75    -3.65  -0.5%    7.4%
 US copper                   390.20     3.15   0.8%   13.6%
 	
 	
	
 (Reporting by Carole Vaporean)	
 

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