Copper futures fell below $2 a pound for the first time in two weeks Thursday as data showed U.S. jobless claims rose in the last week, dampening economic recovery hopes. Gold edged lower as the U.S. dollar strengthened. Copper for July delivery fell 5.6 cents, or 2.8%, to $1.975 a pound on the Comex division of the New York Mercantile Exchange, dropping below the $2 level for the first time since the end of April. June gold slid $2.60, or 0.3%, to $923.30 an ounce. The number of initial jobless claims in the week ending May 9 rose 32,000 to 637,000, the Labor Department reported. It's the highest level since mid-April. The four-week average of initial claims rose 6,000 to 630.500. See full story. Economists estimated that about 27,000 Chrysler employees are eligible to file claims in the wake of the company's bankruptcy filing. The Labor Department also reported wholesale prices rose 0.3% in April after seasonable adjustments, with higher food prices offsetting a drop in energy prices. The producer price index has fallen 3.7% in the past year, the biggest year-over-year fall since January 1950, the government said. In currencies trading, the dollar rose against most of its major rivals, with the dollar index up 0.3% to $82.724. A stronger greenback tends to push down dollar-denominated commodities prices, such as gold and oil. "The dollar was another source of selling pressure on commodities," said Edward Meir, an analyst at MF Global, in a note. "The recent declines are putting some of the metals in a position where they could shortly take out their most recent up channels, resulting in a marked deterioration in their charts," he added. Crude-oil futures also fell Thursday, as the International Energy Agency cut its forecasts for this year's global oil demand. In other metals Thursday, July silver sank 16.5 cents, or 1.2%, to $13.855 an ounce. June palladium lost 75 cents, or 0.3%, to $226 an ounce, and the July contract for platinum declined $18.20, or 1.6%, to $1,105 an ounce.

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