Copper futures rose for the fourth time in five sessions after measures of U.S. service industries and payrolls in December rose more than analysts forecast, boosting prospects for the economy and metal demand.
Service industries expanded at the fastest pace since May 2006, the Institute for Supply Management’s non-factory index showed today. Companies boosted payrolls by the most since records began in 2001, according to ADP Employer Services. Copper jumped 33 percent in 2010 as consumption in emerging markets climbed and economies recovered from the recession.
The metal “is mostly a macro trade at this point,” said James Dailey, who manages $185 million at TEAM Financial Asset Management LLC in Harrisburg, Pennsylvania.
Copper futures for March delivery rose 3.9 cents, or 0.9 percent, to close at $4.408 a pound at 1:16 p.m. on the Comex in New York. The price reached a record $4.498 on Jan. 3.
Earlier, futures dropped as much as 1.8 percent on bets that demand may wane in China amid moves to damp inflation.
On the London Metal Exchange, copper for delivery in three months fell $30, or 0.3 percent, to $9,550 a metric ton （$4.33 a pound）.
Inventories monitored by the LME have climbed to the highest since Sept. 24.
Aluminum, nickel, tin and zinc also fell in London. Lead rose.
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