BS: Copper Rises After U.S. Labor Report on Speculation About Fed
Oct. 8 (Bloomberg) -- Copper rose in New York and London after figures showed that U.S. employers cut more jobs than forecast, spurring speculation that the Federal Reserve may take further steps to fuel growth.
Employers cut staffing by 95,000 workers in September, Labor Department figures showed today. The median estimate of economists surveyed by Bloomberg News called for a 5,000 drop.
“The market is anticipating more quantitative easing on the back of weak data,” said Daniel Brebner, an analyst at Deutsche Bank AG in London, referring to asset purchases by the Fed.
December-delivery copper gained 2.95 cents, or 0.8 percent, to $3.709 a pound at 9:04 a.m. on the Comex in New York. Copper for delivery in three months added 0.7 percent to $8,158 a metric ton on the London Metal Exchange.
--Editors: Dan Weeks, John Deane.
To contact the reporter on the story: Anna Stablum in London at astablum@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.
