Copper climbed after a report showed faster-than-forecast U.S. job growth and the Federal Reserve said the economy is growing, boosting demand prospects for industrial metals. Aluminum, nickel and zinc also gained.
Copper for delivery in three months rose as much as 0.6 percent to $7,737.75 a metric ton on the London Metal Exchange and was at $7,714 at 11:32 a.m. in Tokyo. The May contract on the Comex in New York gained 0.2 percent to $3.4968 per pound.
Figures from ADP Research Institute showed employers added 198,000 jobs last month, topping the median economist forecast for 170,000 and bolstering optimism before the government’s labor report on March 8. The U.S. economy grew at a modest to moderate pace amid rising consumer demand for homes and autos, the Fed said in its Beige Book survey.
“Overnight U.S. economic data lent support to copper,” said Tetsu Emori, a commodity fund manager at Astmax Investment Management Inc. in Tokyo.
Stockpiles monitored by the LME, up 48 percent this year, increased 0.2 percent to 473,750 tons, daily exchange figures showed. Inventories tracked by the Shanghai Futures Exchange are near a one-year high.
Copper for June delivery on the Shanghai exchange declined 0.7 percent to 56,330 yuan ($9,054) a ton. On the LME, lead fell.
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