MW: Copper falls after jobs data; gold slightly higher
NEW YORK (MarketWatch) - Copper futures fell Thursday, continuing their slide from the highest level in eight months after a U.S. report showed the number of Americans filing initial claims for unemployment benefits edged up last week.
Continuing jobless claims, however, fell by 148,000 to 6.68 million during the week ending June 6, the Labor Department reported. It was the lowest since May 9.
Also limiting copper's losses, data showed improvements in manufacturing in the Philadelphia region and in an index of leading economic indicators.
On the Comex division of the New York Mercantile Exchange, July copper futures lost 1.1 cents, or 0.5%, to $2.2485 a pound. It was down more than 1% earlier in the session.
Copper futures had ended at the highest level since early October on last Thursday, but since then the metal has slid more than 8%.
"In contrast to oil, base metals have already been tarnished," said analysts led by Barbara Lambrecht at Commerzbank, in a note. Demand from China is rising but that's "owing to state reserve purchases," while "the copper market still had a surplus."
Manufacturing firms in the Philadelphia region reported the best business conditions since September, the Federal Reserve Bank of Philadelphia said Thursday. The Philly Fed index improved to negative 2.2 in June from negative 22.6 in May.
In other metals Thursday, August gold rose $1.30, or 0.1%, to $937.30 an ounce, July platinum gained $5.80, or 0.5%, to $1,211 an ounce, and September palladium slid slightly to $242.25 an ounce.
July silver fell 9.5 cents, or 0.7%, to $14.185 an ounce.
In exchange-traded funds action, holdings in the SPDR Gold Trust (GLD 91.97, -0.38, -0.41%) , the biggest exchange-traded fund backed by gold, stood at 1,132.15 metric tons on Wednesday, unchanged for a ninth session, according to the latest data from the fund.
Holdings in the iShare Silver Trust (SLV 14.03, -0.09, -0.64%) , the biggest silver ETF, stood at 8,724.86 metric tons Wednesday, unchanged from a day ago.
Among metals-sector equities, shares of Newmont Mining Corp. (NEM 42.56, +0.58, +1.38%) rose 0.8% to $42.31. Barrick Gold Corp. (ABX 33.91, +0.52, +1.56%) added 1.3% to $33.84, and South Africa's Gold Fields Ltd. (GFI 12.13, +0.20, +1.68%) rose 1.1% to $12.06.
The Amex Gold Bugs Index (HUI 337.26, -0.03, -0.01%) , which tracks the share prices of major gold companies, slid 0.6% to 335.52.
The iShares Gold Trust ETF (IAU 92.11, -0.19, -0.21%) slid 0.2% to $92.10.
