RTRS: US copper extends gains, outlook still uncertain
NEW YORK, Feb 9 (Reuters) - U.S. copper futures extended
gains Tuesday morning on the back of a weaker dollar and strong
car sales data in China, but lingering demand fears in the
world's top copper consumer could still drag prices down.
For detailed report on global copper markets, click on
[MET/L].
* Benchmark copper for March delivery HGH0 rose 4.00
cents, or 1.37 percent, to $295.30 per lb by 10:04 am EST
(15:04 GMT) on the New York Mercantile Exchange's COMEX
division.
* Range from $296.85 to $287.65.
* On Monday, March copper firmed 5.55 cents, or 1.9
percent, to settle at $2.9130 per lb.
* COMEX estimated futures volume stood at 17,858 lots by 9
a.m.
* A weaker dollar helped copper extend gains. The euro
gained ground against the dollar on Tuesday as investors
speculated on a possible bail out for debt-laden Greece.
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* Copper futures slid around 6 percent last week on
concerns over the fiscal health of some euro zone countries and
a stronger greenback.
* Strong China car sales in January also improved market
sentiment on the economy of the world's top copper consumer.
However, worries linger that China could cut copper imports as
it tries to prevent its economy from overheating.
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* London Metal Exchange (LME) copper warehouse stocks eased
by 50 tonnes to 541,050 tonnes on Tuesday. <0#LME-STOCKS>
* COMEX copper stocks unchanged at 105,206 short tons as of
Monday.
* LME benchmark copper for three-month delivery MCU3 last
traded at $6,547 a tonne, up $97 from Monday close.
(Reporting by Alonso Soto; editing by Jim Marshall)