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Advertisement

 
RTRS: Weak dlr. China data lift US copper to 13-mth peak
 
NEW YORK, Oct 26 (Reuters) - U.S. copper futures climbed to
a 13-month high Monday morning, buoyed by strong Chinese import
figures in September and the dollar's dive to a 14-month low
against the euro.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 up 2.75 cents at
$3.0620 a lb by 10:22 a.m. EDT (1422 GMT) on the New York
Mercantile Exchange's COMEX division.
* Range from $3.0150 to $3.0690, a new high for the
contract going back to late September 2008.
* COMEX estimated futures volume at 6,200 lots by 9 a.m.
* Copper advance driven by trade data showing a near 30
percent rise in shipments of the metal into China in September.
[ID:nBJI000173]
* China's apparent appetite for copper up 21 percent in
September from previous month - Reuters calculations based on
official data. [ID:nSP485586]
* Dollar-denominated copper further supported by 14-month
low in the American currency versus the euro EUR= after a
Chinese report said Beijing should increase its holdings of
euros and yen in its foreign reserves. [USD/] [ID:nPEK285229]
* Supply-side issues offer additional underpinning after
work stoppage at Chile's Spence copper mine entered into its
14th day. [ID:nN26181800]
* Workers at Chile's Andina copper mine demand a 5 percent
wage hike from owner Codelco. [ID:nN22346343]
* Copper upside capped by 1,775-tonne build in London Metal
Exchange stockpiles. At 368,850 tonnes, inventory levels at
their highest since mid-May. [LME/STX1]
* COMEX copper warehouse stocks rose by 284 short tons on
Friday to 58,658 short tons.
* Money managers net long on 5,274 lots of COMEX copper
futures for the week ended Oct. 20, compared with 953 lots a
week earlier - data from the Commodity Futures Trading
Commission. [ID:nN23120860]
* LME three-month copper MCU3 at $6,715 a tonne, up $66
from Friday's closing level.
(Reporting by Chris Kelly; Editing by Walter Bagley)

Source