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Oil & Copper Fall on US Nonfarm Payrolls

July 9, 2011 at 1:30 by Vladimir Vyun

Commodities declined after US nonfarm payrolls increased in June with slowest pace in 9 months. Copper and crude oil were among losers.

The Bureau of Labor Statistics reported that the US nonfarm payrolls increased by 18,000 in June. This figure looks ridiculous compared to the predicted 97,000. The unemployment rate increased to 9.2 percent from 9.1 percent, even though market analysts predicted it to stay unchanged.

August futures for delivery of crude oil fell $2.47 to $96.20 per barrel on NYMEX, posting the biggest decline since June 23. September futures for delivery of copper slipped $0.03 (0.7 percent) to $4.412 per pound as of 13:20 on COMEX.

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