HANOI, June 4 (Reuters) - Shanghai copper prices fell to
their lowest in nearly six weeks on Friday and they were on
track for a weekly decline, as upbeat U.S. jobs data fuelled
fears of policy tightening.
The most-traded July copper contract on the Shanghai Futures
Exchange dropped as much as 3.6% to 70,470 yuan
($11,004.75) a tonne, the lowest since April 26.
Three-month copper on the London Metal Exchange
rebounded 0.4% to $9,825 a tonne by 0131 GMT, having tumbled as
much as 3.8% in the previous session. The contract was down 4.3%
on a weekly basis, on track for the biggest weekly fall since
The number of Americans filing new claims for unemployment
benefits dropped below 400,000 last week for the first time
since the COVID-19 pandemic started more than a year ago,
pointing to strengthening labor market conditions.
* LME nickel fell 0.5% to $17,800 a tonne, lead
declined 0.5% to $2,163 a tonne while ShFE nickel
shed 2.5% to 130,570 yuan a tonne, ShFE zinc
dropped 2.6% to 22,395 yuan a tonne.
* Output of primary aluminium in China will increase until
2024, after which secondary, or recycled metal will start to
claim a bigger share of plateauing consumption, state-backed
research house Antaike said.
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* The dollar was perched near multi-week highs, basking in
its biggest gains in about a month after robust jobs data threw
investors' focus on to the strength of the U.S. recovery and on
the possibility of it driving policy tightening.
1230 US Non-Farm Payrolls May
1230 US Unemployment Rate May
1230 US Average Earnings YY May
1400 US Factory Orders MM April
($1 = 6.4036 yuan)
(Reporting by Mai Nguyen; Editing by Rashmi Aich)