July 5 (Reuters) - Copper prices rose on Monday as data showing an acceleration in U.S. hiring boosted hopes of stronger demand for metals and a sustained recovery in the world’s biggest economy.
Three-month copper on the London Metal Exchange rose 0.5% to $9,420 a tonne by 0301 GMT, and the most-traded August copper contract on the Shanghai Futures Exchange advanced 0.8% to 68,900 yuan ($10,657.39) a tonne.
U.S. companies hired the most workers in 10 months in June, raising wages and offering incentives to entice millions of unemployed Americans sitting at home, in a tentative sign that a labor shortage hanging over the economy was starting to ease.
Copper is often used as a gauge of global economic health.
* Global copper smelting activity slipped in June after a rebound a month earlier as Chinese plants closed for maintenance while production of nickel pig iron jumped, data from satellite surveillance of copper plants showed.
* Chilean miner Antofagasta PLC signed contracts to supply Chinese copper smelters with copper concentrate at treatment charges of around the mid-$50s per tonne in deals covering at least half of next year, sources said.
* ShFE aluminium rose 2.2% to 19,115 yuan a tonne, nickel advanced 2.1% to 137,520 yuan a tonne and tin increased 2% to 215,820 yuan a tonne.
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* Most Asian stocks gained, extending the rally that took global equities to a record high after a U.S. jobs report signalled the economic recovery remained intact but didn’t yet warrant any immediate withdrawal of Federal Reserve stimulus.
0600 UK Reserve Assets Total June
0750 France Markit Serv, Comp PMIs June
0755 Germany Markit Services PMI June
0755 Germany Markit Comp Final PMI June
0800 EU Markit Serv, Comp Final PMIs June
$1 = 6.4650 yuan Reporting by Mai Nguyen in Hanoi; Editing by Amy Caren Daniel