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Copper Rebounds From Five-Month Low in N.Y. After U.S. Jobs Data

Friday, 6 May 2011

Copper Rebounds From Five-Month Low in N.Y. After U.S. Jobs Data

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Copper rebounded from a five-month low in New York after a report showed the U.S. added more jobs than forecast, boosting demand prospects.

Payrolls increased by 244,000 in April, the most since May 2010, the Labor Department said. Economists projected an increase of 185,000, according to the median of 86 estimates in a Bloomberg News survey. Prices slid 6 percent in the previous two sessions, the biggest such decline since June.

The metal “seems to have reacted very positively to the payrolls data,” said Gayle Berry, an analyst at Barclays Capital in London. “When you tend to see these big sentiment- driven moves, they can reverse just as quickly as they happen.”

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