June 4 (Bloomberg) -- Nickel and copper advanced in London, reversing earlier declines, after a report showed fewer Americans filed claims for unemployment benefits last week, signaling the worst in job losses may be over.
Initial jobless claims fell by 4,000 to 621,000 in the week ended May 30, the Labor Department said today in Washington. The number of people collecting unemployment insurance fell for the first time in almost five months.
“The whole metal complex has been driven by U.S. macro data,” said David Barclay, an analyst at Standard Chartered Plc in London.
Nickel for three-month delivery advanced $320, or 2.3 percent, to $14,525 a metric ton as of 4:39 p.m. on the London Metal Exchange, after falling as much as 2.7 percent. Copper advanced $85, or 1.7 percent, to $5,005 a ton.
Among other LME metals, aluminum increased $49, or 3.3 percent, to $1,533 a ton, lead gained $32, or 2 percent, to $1,642 a ton, and zinc rose $45, or 2.9 percent to $1,580 a ton.
To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net
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