July 8 (Bloomberg) -- Copper fell the most in almost two weeks after U.S. payrolls rose less than forecast in June, damping growth prospects.
U.S. employers added 18,000 workers last month, the fewest in nine months, and the unemployment rate unexpectedly climbed, Labor Department data showed today. Economists expected a gain of 105,000, the median estimate in a Bloomberg News survey. The U.S. is the world’s largest copper consumer after China.
“The market is selling off on a very disappointing jobs report,” said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. “There’s a reassessment of the economic recovery in the U.S.”
Copper futures for September delivery declined 3 cents, or 0.7 percent, to close at $4.412 a pound at 1:20 p.m. on the Comex in New York, the biggest loss for a most-active contract since June 27. The metal still gained 2.5 percent this week and has climbed 46 percent in the past year.
Prices have dropped 5.3 percent from a record of $4.6575 on Feb. 15 as manufacturing slowed in China.
On the London Metal Exchange, copper for delivery in three months lost $79, or 0.8 percent, to $9,661 a metric ton ($4.38 a pound).
Aluminum, lead, nickel, tin and zinc also fell in London.
--Editors: Millie Munshi, Steve Stroth
To contact the reporter on this story: Yi Tian in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Stroth at email@example.com