RTRS: US copper jumps to 1-wk high on dollar slide, data
NEW YORK, Sept 16 (Reuters) - U.S. copper futures climbed to a one-week high in early business on Wednesday, buoyed by a one-year low in the dollar index and a brighter economic outlook following another round of upbeat data.
For detailed report on global copper markets, click on [MET/L]
* Copper for December delivery HGZ9 jumped 6.90 cents, or 2.4 percent, to $2.9140 a lb by 10:36 a.m. EDT (1436 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.8440 to $2.9305, its highest level since Sept. 9.
* COMEX estimated copper volume at 13,449 lots by 10 a.m.
* Copper advance more of a dollar story than anything else - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
* Dollar slumped to a one-year low against a currency basket .DXY, making dollar-denominated metals cheaper to buy for non-U.S. investors. [USD/]
* Copper to have hard time at psychologically important level of $3 a lb, even with improved economic data - Zeman.
* U.S. industrial production rose for the second straight month in August, while higher gasoline costs pushed up consumer prices, reinforcing hopes a recovery was underway. For details, see [ID:nN16118540]
* Surprisingly strong retail sales data on Tuesday and upbeat comments from U.S. Federal reserve Chairman Ben Bernanke driving things higher - Zeman [ID:nLG703256]
* Bullish impact from favorable macro data and the weaker dollar seem to be bumping against the weaker fundamentals, typified by rising LME stocks and a deceleration of Chinese import growth - MF Global metals analyst, Edward Meir.
* London Metal Exchange (LME) warehouse stocks added another 675 tonnes at 323,225 tonnes on Wednesday.
* London stockpiles have risen nearly 25 percent since early July, reflecting weak demand. [ID:nL8550447]
* COMEX copper warehouse stocks dropped 200 short tons to 52,974 short tons as of Tuesday.
* LME copper for three-months delivery MCU3 last traded at $6,403 a tonne, up $193 from Tuesday's kerb close.