RTRS: U.S. copper at near 1-week low as demand woes bite
NEW YORK, Nov 12 (Reuters) - U.S. copper futures fell to
near one-week lows Thursday morning, as the dollar firmed and
concerns about demand spread after inventory levels rose to
their highest in seven months.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 slipped 80 cent to
$2.9580 a lb by 10:30 a.m. EST (1530 GMT) on the New York
Mercantile Exchange's COMEX division.
* Range $3.0010 to $2.93, lowest level since Nov. 6.
* COMEX estimated volume at 21,574 lots by 10 a.m.
* Copper under early currency-related selling pressure
after lower-than-expected initial weekly jobless claims data
gives boost to dollar. [USD/]
* Initial state jobless benefit claims fell to 502,000 in
the latest week from a revised 514,000 in the prior week, and
against a consensus forecast for initial claims of 510,000 -
U.S. Labor Department. [ID:nOAT004353] [ID:nN11377609]
* London Metal Exchange warehouse stocks climbed 4,800
tonnes on Thursday, bringing total levels to 402,125 tonnes,
their highest since late April. * COMEX copper warehouse stocks jumped 1,374 short tons to
67,986 short tons as of Wednesday. CMWSU
* Signs of economic improvement not translating into higher
copper demand in Europe and the United states - Richard
Adkerson, chief executive of Freeport McMoRan Copper and Gold
(FCX.N). [ID:nLC478998]
* Chile's state copper think tank, Cochilco, raised its
copper price forecast for 2010 to an average of $2.70 per lb
from $2.10 per lb. [ID:nN11362004]
* China's October copper imports slumped 34 percent from a
month earlier, but supply in the world's top copper market
stayed abundant following record production and high bonded
stocks built up in the past two months. [ID:nHKG297266]
* China's factory output growth surged to a 19-month high,
showing the world's third-largest economy has firmly put the
worst of the the global financial crisis behind it.
[ID:nPEK212006]
* Workers at Konkola Copper Mines, a unit of London-listed
Vedanta Resources (VED.L), went on strike over wages, halting
most units at the facility in Zambia.
[ID:nLB669456]
* LME three-month copper MCU3 at $6,520 a tonne, down $20
from Wednesday's close.
(Reporting by Chris Kelly; Editing by Walter Bagley)
