Base metals were mostly down on Tuesday. Copper fell 0.68 cents to close at $2.4374/lb. Nickel dropped more than 21 cents to finish at $7.1320/lb. Zinc lost three-quarters of a penny, ending at $0.7357/lb. Aluminum added less than a quarter of a cent, closing at $0.7634/lb., while lead moved to $0.7493/lb., down more than a penny from the previous session. Copper retreated a bit yesterday capping a six-day rally that pushed the red metal to a nine-month high on Monday. Speculation that demand will slacken in a seasonal slowdown in China had much to do with the drop in prices.

China imported 378,943 metric tons of refined copper last month, a 12% increase from May and the fifth straight record, customs office data showed yesterday.

“Demand should ease after builders filled orders for the summer construction peak and the margin between China and London prices narrowed,” said Pang Ying, an analyst

In the currency market, the dollar climbed higher against the euro. Late Thursday, the euro was trading at $1.4027 vs. $1.4156 on Wednesday. The day’s data was about as bad as it could be. Primary was the Labor Department’s report on nonfarm payrolls, which showed the loss of 467,000 jobs in June. That was in line with ADP figures from Wednesday, and far above the 325,000 contraction predicted by economists.

The unemployment rate edged up to 9.5% from 9.4% in May, not quite as bad as the 9.6% expected. All told, the data “strongly suggest that consensus forecast for a second half recovery is overly optimistic,” said Steve Ricchiuto, chief economist at Mizuho Securities in New York.

Some analysts tried to pretty things up by pointing out that the job loss trend is improving, but Millan L. B. Mulraine, of TD Securities in Toronto, wasn’t having any. “On the whole,

American markets at a standstill… can the Far East drive stocks forward? … Chris Mayer on buying “what China needs, but can’t make for itself” … Dan Denning’s pair trade for the next decade … Bill Bonner and Goldman Sach’s CEO on the current “bull market” … Plus, a CEO pay debate fills our inbox… your letters and our response, below…

The Dow crashed 1.4 points yesterday, wiping out Monday’s 1.3 point moonshot. Desperate for something beyond these 0.014% “swings,” the market’s putting China in the driver’s seat today… and these guys still have quite a lead foot:

Chinese auto sales soared 34% in May, year over year. According to the China Association of Automobile Manufacturers, the Red Nation scooped up 1.12 million vehicles last month, outpacing any nation in the world. Consider the course of the last 12 months,