By Glenys Sim Dec. 4 (Bloomberg) -- Copper in Shanghai fell for the first time in five days, paring the week’s gains, as some investors deemed the rally to a 15-month high unjustified after a report showed an unexpected contraction in U.S. service industries. The metal used in construction and automobiles also declined before a report today that economists say may show the jobless rate in the U.S. held at a 26-year high. The U.S. economy lost 125,000 jobs in November, according to the median estimate of economists surveyed by Bloomberg News. “It’s a small correction triggered by weaker-than-expected economic data,” said Lin Yougu, research manager at Shanghai Jiuheng Futures Brokerage Co. “The medium to longer-term outlook is still positive.” Copper for March delivery on the Shanghai Futures Exchange fell as much as 0.9 percent to 55,450 yuan ($8,122) a metric ton, and traded at 55,660 yuan at 10 a.m. Singapore time. The futures advanced 3.7 percent from Nov. 27, rising for a fourth week. The metal rallied to 56,170 yuan yesterday, the highest level since Sept. 5, 2008. Copper for delivery in three months on the London Metal Exchange was little changed at $7,088.75 a ton, after falling as much as 0.7 percent yesterday. March-delivery copper on the Comex division of the New York Mercantile Exchange was 0.2 percent lower at $3.234 a pound. Still, 11 of 19 analysts, investors and traders surveyed by Bloomberg said copper would gain next week after stronger Chinese, U.S. and European manufacturing figures indicated recovering demand for industrial metals. Copper, which has more than doubled this year on governments’ stimulus spending, will probably trade at more than $8,100 a ton by mid-2010, Goldman Sachs Group Inc. said yesterday. Among other LME-traded metals, aluminum fell 0.5 percent to $2,122 a ton, zinc lost 0.1 percent to $2,408 a ton, and lead dropped 0.3 percent to $2,403 a ton. Nickel added 0.5 percent to $16,080 a ton, while tin hadn’t traded by 10:05 a.m. in Singapore. To contact the reporter for this story: Glenys Sim in Singapore at gsim4@bloomberg.net

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