Copper Jumps With U.S. Jobs Report Signaling Robust Recovery
Bloomberg 25 mins ago Yvonne Yue Li
(Bloomberg) Copper prices advanced the most in six weeks in New York on signs the U.S. economy will see a strong rebound.
A better-than-expected U.S. jobs report on Friday fueled optimism that the world’s largest economy will recover from the pandemic faster than other countries. More vaccinations and fewer business restrictions are supercharging the labor market, with U.S. employers adding the most jobs in seven months in March.
“The jobs report on Friday is certainly a big thing” for copper’s increase, said Peter Thomas, senior vice president at Zaner Group in Chicago. “A lot of copper will be needed” for President Joe Biden’s proposed $2.25 trillion infrastructure plan, which includes measures to boost electric cars that use more of the metal than internal-combustion vehicles.
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