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Copper steady after upbeat U.S. job data; eyes on Libya

Monday, Mar 07, 2011
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Copper prices held steady in Shanghai and on the London Metal Exchange on Monday, after strong U.S. jobs data, while investors eyed the escalating tensions in Libya for further trading cues.


* Three-month copper on the London Metal Exchange edged down 0.2 percent at $9,877 a tonne by 0101 GMT, after a 1.4 percent weekly rise.


* Shanghai's most-active copper futures contract inched down 0.4 percent at 74,450 yuan a tonne, reversing a 3 percent rise last week.


* Chile's Codelco, the world's largest copper producer, sees tight supply-demand balance in the global copper market through 2011 and probably 2012. 


* Fears that Libya is on the edge of a civil war pushed U.S. Crude oil futures to 2-1/2 year high above $105 a barrel.


* U.S. employers hired workers at the fastest pace in nine months in February and the jobless rate slipped to a nearly two-year low of 8.9 percent, showing the economy is finally kicking into a higher gear. 

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