LME copper prices under pressure after US data

Copper prices were holding above their opening levels in official trading on the London Metal Exchange on Thursday May 31, but came under pressure in the afternoon after US unemployment data came in below expectations.

Three-month copper settled at $7,498/99 per tonne, down from $7,545/46 per tonne a day earlier, but above its opening price of $7,460 per tonne. The red metal posted gains in the European session ahead of an Irish referendum on the European Union’s fiscal treaty, as polls indicated that the electorate would vote in favour of the accord, which would provide access to bailout funding under the European stability mechanism. “Although the fiscal compact does not...

Published

Mark Burton

May 31, 2012

13:54 GMT

London