SHANGHAI, Dec. 5 (SMM) -- LME base metal prices closed with gains on December 2nd, and with increases for last week the largest in recent months. US unemployment rate unexpectedly fell in November, while European leaders and Central Bank officials stepped up efforts to resolve the debt crisis, both favorable for the market.
According to the non-farm employment report from the U.S. Department of Labor for November, unemployment rate of the country dropped significantly to 8.6%, the lowest level since March 2009. Non-farm employments added 120,000 in November, comparing with the expected 122,000. Added non-farm employments have also been adjusted from 80,000 to 100,000 and 158,000 to 210,000 for October and September. These are signs the U.S. employment market is warming and the U.S. economy has got rid of recession risks. Optimistic expectations for a slide in unemployment rate have helped the Dow Jones Industrial Average expanding its weekly gain to 7% when closing at 12,017.45 points, which is the largest weekly gain of the index since July 2009. The S&P 500 also saw its longest weekly jump of 7.4% since March 2009 to 1,244.2 points. The NASDAQ Composite climbed 7.6% during the week to 2,626.93 points.
Despite ongoing debt crisis in the Eurozone, US economy recovered, pushing up commodity market, so nonferrous metals prices should continue to rebound in the foreseeable future.