BASE METALS: Comex Copper Slumps On US Jobs Data

Sep 02, 2011 NEW YORK (Dow Jones)--Copper futures set fresh lows after government data showed the U.S. economy failed to add new jobs in August.

Non-farm payrolls were unchanged last month--the worst result since a small decline in September 2010--as the government sector again shed jobs while the private businesses added only 17,000 new positions. Meanwhile, the unemployment rate was stuck at 9.1%.

Copper futures for December delivery, the most active contract, fell 5.20 cents, or 1.3%, to trade at $4.1085 a pound on the Comex division of the New York Mercantile Exchange.

The front month contract, for September delivery, was recently down 5.75 cents, or 1.4%, at $4.0850 a pound.

Copper prices are highly sensitive to economic data as the red metal is used in everything from iPods and cars to household plumbing and demand for such goods wanes when the economy falters.