By Claudia Carpenter Nov. 7 (Bloomberg) -- Copper erased gains in London and aluminum extended declines after U.S. unemployment climbed to a 14-year high, adding to signs of an economic slump that has reduced demand for industrial metals. U.S. employers shed 240,000 jobs in October, lifting the unemployment rate to 6.5 percent, the Labor Department said today. Economists expected a drop of 200,000 jobs, the median in a Bloomberg survey. Copper has dropped 43 percent this year and aluminum is down 17 percent. ``There are significant concerns about the outlook for demand,'' David Moore, a commodity strategist at Commonwealth Bank of Australia, said in an interview from Sydney. Copper fell $5 to $3,800 a ton as of 1:37 p.m. on the London Metal Exchange after being up $25 a ton before the report. Aluminum dropped $38 to $2,003 and was down $27 before the report. To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net or ccarpenter2@bloomberg.net

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