RTRS: US copper hits week high, dollar drops, stocks rise
NEW YORK, Sept 8 (Reuters) - U.S. copper futures rose on Tuesday towards highs dating back to October as U.S. traders returned from a long holiday weekend to a declining dollar and climbing oil and equities prices, traders said.
For detailed report on global copper markets, click on [MET/L]
* Copper for December delivery HGZ9 raced up 10.95 cents, or 3.82 percent, to $2.9760 a lb on the New York Mercantile Exchange's COMEX division at 10:50 a.m. EDT (1450 GMT).
* Range stretched up to $2.9810, its highest since Aug. 31, from a low at $2.8440 a lb.
* A strong technical picture helped keep copper lifted after it topped a pivot point around $2.89 - chartists.
* The prior high set by December copper on Aug. 31 came close to setting a double top with $2.9895 a lb reached on Aug. 28, a level last seen in early October 2008.
* That target should be surpassed this week as copper bulls aim for psychological resistance at $3.0 a lb. - chartists.
* COMEX estimated 10 a.m. EDT (1400 GMT) copper volume at a healthy 17,231 lots.
* Some pent-up demand after the long U.S. holiday weekend helped give copper an extra boost - traders.
* New York commodity markets were closed on Monday for the U.S. Labor Day holiday. Trading resumed on Tuesday.
* A drop in the dollar against most major currencies and an increase in equity and oil prices pushed copper up - traders.
* U.S. stocks climbed as natural resource shares rose alongside commodities prices and Kraft's bid for Cadbury buoyed hopes that more merger and acquisition activity was on the horizon. [.N]
* An advance in global stocks and commodities boosted investors' risk appetite, driving the U.S. dollar to its lowest in almost a year as trading volume picked up after the end of summer holidays in the United States. [USD/]
* Crude oil traded up nearly $3 a barrel at one point as an increasing risk appetite caused investors to seek commodities across the board. [O/R]
* London Metal Exchange warehouse stocks jumped by 4,625 tonnes to 315,550 tonnes on Monday.
* COMEX copper warehouse stocks were up 73 short tons at 53,534 short tons on Friday.
* LME copper for three-months delivery MCU3 firmed to $6,499 a tonne from $6,324 a tonne at Monday's kerb close. (Reporting by Carole Vaporean; Editing by Walter Bagley)
