Copper leaps 8 pct in London, limit up in Shanghai9/01/2009...

Copper leaps 8 pct in London, limit up in Shanghai

9/01/2009 1:19:06 PM

SINGAPORE, Jan 9 (Reuters) - Copper prices in London jumped as much as 8 percent and hit their upside limit in Shanghai on Friday, reversing the previous day's losses as commodity markets pushed higher after a report showed the number of new U.S. jobless claims last week was not as bad as expected.

Benchmark third month Shanghai copper rose by its 5 percent limit from Thursday's settlement to 27,280 yuan, while three-month London Metal Exchange copper gained 8 percent to trade at $3,449.75 in electronic dealing.

But markets are still braced for a big drop in Friday's non-farm payrolls for December, which could exceed expectations of a 500,000 decline. [ID:nN08523605]

(Reporting by Nick Trevethan; Editing by Kim Coghill)

http://money.ninemsn.com.au/article.aspx?id=716629