RTRS: US copper steadies early, dlr offsets supply build
NEW YORK, Nov 13 (Reuters) - U.S. copper futures fell
before steadying at slightly lower levels Friday morning as
another large supply build in London warehouses countered
renewed dollar weakness, leaving prices locked in narrow
ranges.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 eased 0.40 cent at
$2.9435 a lb by 10:12 a.m. EST (1512 GMT) on the New York
Mercantile Exchange's COMEX division.
* Range from $2.9310 to $2.9745.
* COMEX estimated futures volume at 16,877 lots by 10 a.m.
* Investors concerned over strength of the global recovery,
especially in the U.S., and sustainability of record-setting
Chinese imports, as seen in rising London Metal Exchange and
Shanghai inventories - Bart Melek, Global Commodity Strategist
with BMO Nesbitt Burns in Toronto.
* LME warehouse stocks rose for ninth straight session, up
1,500 tonnes at 403,625 tonnes, their highest since late April.
* Shanghai copper inventories edged up 0.6 percent to
104,939 tonnes from 104,275 tonnes a week earlier.
[ID:nSHA117888]
* COMEX copper warehouse stocks surged 1,368 short tons to
69,534 short tons as of Thursday. CMWSU
* Copper under additional pressure from survey showing U.S.
consumer sentiment down in early November to weakest level in
three months. [ID:nN13145905]
* Copper downside limited by broad dollar weakness after
data showed U.S. trade deficit widened by greater-than-expected
18.2 percent in September. [USD/] [ID:nN12319602]
* Workers at Chile's Spence copper mine threaten to invade
installations and block roads after a month-long strike,
accusing owner BHP Billiton (BHP.AX) (BLT.L) of stalling on
contract talks to defuse their month-long stoppage.
[ID:nN12429456]
* Majority of 1,500 striking miners at Zambia's Konkola
Copper Mines, a unit of London-listed Vedanta Resources Plc
(VED.L), resumed work on Friday. [ID:nWEA1119]
* The world's biggest copper producer, Chile's Codelco,
expects economic rebound in the United States and Europe to
help support demand for copper next year and sees prices above
$2/lb in 2010. [ID:nN13441855]
* LME three-month copper MCU3 at $6,491 a tonne, down
from previous close at $6,503 a tonne.
(Reporting by Chris Kelly; Editing by Walter Bagley)
