Sun, Jun 05, 2016 - Page 15 News List

Oil prices fall after dismal US jobs report

AFP and Bloomberg, NEW YORK

BASE METALS: Zinc rose for a seventh session in its longest rally in almost two years, while copper and other industrial metals advanced as an increase in US factory orders helped boost demand prospects.

Zinc, used for rustproofing steel in everything from auto bodies to suspension bridges, is outperforming other metals, as banks from Goldman Sachs Group Inc to Macquarie Group Ltd anticipate gains on prospects for a shortage. Bookings at US factories rose 1.9 percent in April, up from 1.7 percent in March, with durable-goods orders gaining, showed government data on Friday.

Zinc for delivery in three months gained 0.5 percent to settle at US$1,992 a metric tonne at 5:51pm on the London Metal Exchange (LME). Prices earlier reached US$2,013, the highest since July last year, and are up more than 5 percent this week.

Copper gained 1.7 percent to US$4,688 a tonne on the LME, after falling in the past three days. Copper stockpiles in warehouses tracked by the Shanghai Futures Exchange fell for a fourth week to the lowest since Jan. 21.

Aluminum inventories monitored by the LME slumped for a 56th day, the longest streak since 2000. Aluminum, nickel, lead and tin climbed on the LME.

On the COMEX in New York, copper futures for delivery next month also advanced.

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