AP reported that copper prices fell ahead of a key US jobs report that could shed more light on the pace of US economic growth. Investors sold copper to take profits because of ongoing concerns about the slowing global economy, particularly the impact that Europe's sovereign debt crisis may have on demand.

The government reports on how many jobs the nation created in January and the unemployment rate. In December, employers added 200,000 jobs and the rate was 8.5%.

Copper often is considered a gauge of economic health because it is used in a wide range of products from building pipes and wires to consumer electronics. The price has risen about 10% this year on signs that the US economy is getting healthier.
Mr Phillip Streible senior commodities broker for RJ O Brien said that he thinks the price may continue to fall until investors have a better idea of what's ahead for the global economy. Copper for March delivery declined 6.1 cents or 1.6% to finish at USD 3.781 per pound.

The Labor Department said that weekly unemployment claims fell 12,000 to a seasonally adjusted 367,000. The 4 week moving average fell to 375,750, the lowest since June 2008. But the January retail sales picture was divided. Discount and high end stores fared well but many mid priced clothing chains were hurt because of the unseasonably mild weather.

With the exception of copper, metals finished higher. Gold for April delivery rose USD 9.80 to finish at USD 1,759.30 per ounce. March silver increased 36.8 cents to finish at USD 34.175 per ounce, April platinum rose USD 6.70 to USD 1,629.90 an ounce and March palladium ended up USD 10.95 at USD 707.65 per ounce.

(Sourced from Associated Press)