Copper rose on Wednesday, with traders and investors taking stock of supply concerns in the face of mixed U.S. labour market data that showed a rebound in job growth along with elevated unemployment in November.

The most-traded copper contract on the Shanghai Futures Exchange closed daytime trading up 0.49% at 92,720 yuan ($13,162.04) per metric ton.

Stronger economic conditions in the world’s largest economy is associated with greater demand for the red metal.

The benchmark three-month copper on the London Metal Exchange also gained, up 1.15% to $11,725.50 a ton as of 0700 GMT.

Copper, meanwhile, continued to hold above $11,600 a ton, supported by supply concerns and prospects for a demand boom from data centres and the energy transition.

Among other metals, the Shanghai aluminium gained 0.55% to 21,915 yuan per ton, while the London benchmark aluminium rose 0.26% to $2,884 a ton.

Aluminium gained after the Australian miner South32 said on Tuesday that it would place its Mozal smelter in Mozambique under care and maintenance by March after failing to secure a power deal with the government.

The move to shut the smelter by South 32 “should keep global long-term inventories low, while prices are expected to see further upside next year”, analysts at ING Economics said in a note.

Nickel recovered after selling off since Monday. The most-traded nickel on SHFE gained 1.04%, and the benchmark three-month nickel rose 1.38%.

The Shanghai nickel set a 40-month low on Tuesday while the London benchmark touched an eight-month low on Monday.

Elsewhere on SHFE, zinc declined 0.73%, lead dropped 0.83%, and tin rose 1.73%.

Among other LME metals, zinc gained 0.56%, tin rose 1.30%, and lead was little changed.
Source: Reuters