LIVE FUTURES REPORT 02/07: Positive US jobs data boosts LME base metals; copper spread narrows

Three-month prices for base metals on the London Metal Exchange were higher at the close of trading on Thursday July 2, with positive employment statistics from the United States lending support to the complex, while forward-buying in LME copper futures prompted a tightening of the metal’s forward curve.

Economic data released in the afternoon from the US showed the country’s unemployment rate for the June period fell to 11.1%, from a previous level of 13.3%.
The country’s non-farm employment change over the same period, which indicates the change in the number of employed people, excluding the farming sector, showed that 4.8 million people returned to work in the US.

But there was a warning with the positive data, with a drop in average hourly earnings of 1.2% over...

Published

Hassan Butt

July 02, 2020

17:02 GMT

London