Copper Slips for Third Day ahead of U.S. Employment Data

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LONDON, June 3 Reuters Copper prices fell for a third day on Thursday, sitting beneath record highs as investors waited for U.S. jobs data on Friday that will offer clues on when monetary policy could tighten.

Expectations of higher interest rates could knock growthrelated assets like metals and equities. World stocks hovered below alltime highs and the dollar inched higher.

Chinas yuan meanwhile weakened for a fourth day from a threeyear high against the dollar, making metals priced in the greenback costlier for buyers in the worlds largest consumer of commodities.

Benchmark copper on the London Metal Exchange LME was down 1.2 at 10,022 a tonne at 1040 GMT.

Prices of the metal used in power and construction reached a record high of 10,747.50 in early May, with many analysts expecting strong demand to power further gains in the coming years.

The dips seem to be well supported, said independent analyst Robin Bhar. He said shortterm price direction would likely be dictated by the U.S. employment data but I think well see new record highs as we head into the fourth quarter.

ECONOMY PMI surveys showed that Chinas services sector expansion slowed in May, though factory activity grew at the fastest pace this year.

Euro zone business activity surged.

CHINA PREMIUMS China39;s appetite for overseas metal is fading, with Yangshan copper import premiums falling to 28.50 a tonne, the lowest since at least 2012. 

CHINA PREMIUMS China39;s appetite for overseas metal is…

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