Copper surges 7 percent on huge pickup in hiring

Copper jumps 7 percent after US reports big pickup in hiring; crude oil also rises sharply

Associated Press

The price of copper is surging 7 percent after the U.S. government reported a sharp pickup in hiring over the past three months.

Copper for July delivery jumped 21 cents to $3.3145 a pound Friday. It was the biggest one-day jump since Oct. 24, 2011.

The price of copper tends to rise when investors expect the economy to strengthen. Copper has a wide range of industrial uses in making electronics and construction materials, and demand for the metal increases when manufacturing and homebuilding accelerate.

Other metals were little changed.

The price of crude oil also rose. Demand for oil also tends to increase when the economy picks up, as factories produce more and manufacturers ship more goods. Crude oil rose $1.62 to $95.61 a barrel.

Crop futures ended mixed.

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