MEIR ON METALS: Metals take poor jobs report in stride as copper remains tight

May 04, 2012 | 12:18 PM |

Analyst Ed Meir looks at what is moving the metal markets on Friday May 4.
Copper and General Commentary: We had a very strange day to say the least on Thursday, as practically everything was down. Even the dollar – traditionally a safe haven during market declines – did not do much, finishing pretty much unchanged against the euro. Although copper finished lower as well, turnover was light, with COMEX copper volume estimated at around 50,000 lots by Reuters, more than one third below the 30-day average.
Things are not much different right now, with base metals quietly mixed in the wake of the just-released non-farm payroll number. US employers decreased hiring for the second straight month, adding just 115,000 workers in April, well below forecasts calling for 170,000 jobs being created. The unemployment rate, however, ticked down to 8.1%. ....

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