Jan. 6 (Bloomberg) -- Copper fell in London before the U.S. jobs report for December that’s expected to show hiring accelerated for a second month, boosting demand prospects.
Payrolls in the U.S. climbed by 155,000 workers after rising 120,000 the previous month, according to the median forecast of 84 economists surveyed by Bloomberg News. Copper fell 21 percent last year as signs of slowdown in Europe and China curbed demand for industrial metals.
“More evidence of a pick-up in global activity is needed,” Tobias Merath, head of global commodity research at Credit Suisse Group AG in Zurich, said in a report today. “U.S. non-farm payrolls could deliver such a positive impetus.”
Copper for delivery in March dropped 0.2 percent to $3.4195 a pound at 7:44 a.m. on the Comex in New York. The U.S. jobs report is due at 8:30 a.m. in Washington. Growth in payrolls in November was up from 100,000 in October.
Copper for delivery in three months was down 0.2 percent at $7,526.75 a metric ton on the London Metal Exchange.
Copper stockpiles monitored by the LME fell 0.1 percent to 368,125 tons, daily exchange figures showed. Orders to draw the metal from LME warehouses, or canceled warrants, declined 1.3 percent to 41,375 tons. Copper inventories monitored by the Shanghai Futures Exchange rose 12,039 tons to 105,258 tons this week, the highest since the week ended Sept. 15, the bourse said today.
Aluminum and zinc were higher. Lead, nickel and tin fell.
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