Copper futures steady near 2-week high ahead of ADP report
Investing.com
Published Jun 05, 2013 05:28AM ET
On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.375 a pound during European morning trade, up 0.2% on the day.
New York-traded copper prices rose by as much as 0.5% earlier in the session to hit a daily high of USD3.387 a pound, the strongest level since May 22.
Markets were focusing on the U.S. private sector jobs report by payroll processor ADP later Wednesday for clues on Friday’s key nonfarm payrolls data.
Data on Monday showing that activity in the U.S. manufacturing sector contracted for the first time in six months in May dampened expectations that the Federal Reserve will scale back its asset purchase program later this year.
The U.S. is second behind China in global copper demand.
Prices have been well-supported in recent sessions amid concerns over a disruption to global supplies after Freeport-McMoRan Copper & Gold said earlier in the week that production at its Grasberg mine in Indonesia will be shut for three months following two separate and fatal accidents.
Grasberg is one of the world's largest copper mines. In 2011, Freeport sold 1.2 billion pounds of copper from Grasberg.
Elsewhere on the Comex, gold for August delivery eased up 0.1% to trade at USD1,398.25 a troy ounce, while silver for July delivery added 0.3% to trade at USD22.47 a troy ounce.
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Written By: Investing.com
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