On Friday, all eyes were on the February jobs report and the Labor department figures did not disappoint, showing the U.S. private sector added a much better than expected 246,000 jobs last month (while government payrolls dropped by 10,000) as the unemployment rate improved to 7.7%. While stocks continued to push higher on the news, base metal prices were mostly flat as the dollar firmed to $1.30 vs. the Euro. Amid rising LME copper stocks, LME 3-mo. copper reportedly traded as low as $7,715.75/mt ($3.50/lb.) today before retracing most of the earlier losses. Other base metals were mixed on the day as LME 3-mo. aluminum, lead and zinc lost ground while LME 3-mo. nickel and tin prices advanced to $16,720/mt ($7.58/mt) and $23,800/mt ($10.80/lb.) this afternoon. In New York, crude oil and gold futures edged higher to $91.80/bbl and $1,578/to, respectively, in afternoon trading. Click here for full article.
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